I agree with Yzen. If the rumor about Tom is true, management may be trying to build a case against him (although it's not very smart of them to set different standards for different people). That whole thing with Tom sounds pretty strange.

Re: the pending cuts: These decisions are outside of your control (and probably your manager's control as well). I'm not sure there is much you can do besides continue to do well in the job so they want to keep you and to try not to let it get to you outside of work. I find that plotting out my Plan B helps.

That situation is really very difficult. I don't envy you having to deal with the Christmas rush with these 'efficiency' efforts hanging over your head.