To red-pencil is to delete or edit something as if you had a red editing pencil.(verb)
An example of red-pencil is to cut a project that your company has worked on but not yet completed.
See red-pencil in Webster's New World College Dictionary
See red-pencil in American Heritage Dictionary 4
transitive verb red-pen·ciled also red-pen·cilled, red-pen·cil·ing also red-pen·cil·ling, red-pen·cils also red-pen·cils
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