Cut Your Losses

four generic mana one blue mana Sorcery

Casualty 2 (As you cast this spell, you may sacrifice a creature with power 2 or greater. When you do, copy this spell and you may choose a new target for the copy.)

Target player mills half their library, rounded down.

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Cut Your Losses rulings

2022-04-29
If you cast Cut Your Losses and copy it targeting the same player, that player will mill half their library, then mill half of what remains after that. They do not mill their entire library.
2022-04-29
Casualty N means “As an additional cost to cast this spell, you may sacrifice a creature with power N or greater.” and “When you cast this spell, if a casualty cost was paid for it, copy it. If the spell has any targets, you may choose new targets for the copy.”
2022-04-29
You may sacrifice only one creature to pay a spell's casualty cost, and you copy the spell only once.
2022-04-29
If you pay the casualty cost of a spell, the copy will resolve before the original spell.
2022-04-29
The copy of the spell is created on the stack, so it's not “cast.” Abilities that trigger when a player casts a spell won't trigger.

Cut Your Losses keyword rules

Casualty Rule 702.153

Casualty is a keyword that represents two abilities. The first is a static ability that functions while the spell with casualty is on the stack. The second is a triggered ability that functions while the spell with casualty is on the stack. Casualty N means “As an additional cost to cast this spell, you may sacrifice a creature with power N or greater,” and “When you cast this spell, if a casualty cost was paid for it, copy it. If the spell has any targets, you may choose new targets for the copy.” Paying a spell’s casualty cost follows the rules for paying additional costs in rules and –h.

If a spell has multiple instances of casualty, each is paid separately and triggers based on the payments made for it, not any other instance of casualty.

Mill Rule 701.13

For a player to mill a number of cards, that player puts that many cards from the top of their library into their graveyard.

A player can’t mill a number of cards greater than the number of cards in their library. If given the choice to do so, they can’t choose to take that action. If instructed to do so, they mill as many as possible. Similarly, the player can’t pay a cost that includes milling a number of cards greater than the number of cards in their library.

An effect that refers to a milled card can find that card in the zone it moved to from the library, as long as that zone is a public zone.

If an ability checks information about a single milled card but more than one card was milled, that ability refers to each of the milled cards. If that ability asks for any information about the milled card, such as a characteristic or mana value, it gets multiple answers. If these answers are used to determine the value of a variable, the sum of the answers is used. If that ability performs any actions on “the” card, it performs that action on each milled card. If that ability performs any actions on “a” card, the controller of the ability chooses which card is affected.