Ice-T is cooling folks off about the chatter over his lighter "Law & Order: SVU" screentime ... telling us straight up, it’s not drama -- it’s the budget.

TMZ caught up with Ice as he and wife Coco -- who celebrated daughter Chanel ’s 10th birthday at New Jersey’s American Dream Mall on Saturday -- and he told us SVU bosses basically had to pick who got the bigger budget ... his Sgt. Odafin “Fin” Tutuola, or Kelli Giddish , AKA Detective Amanda Rollins. Gallery Launch Gallery Getty

While we might feel a little offended on his behalf that they didn't choose him, Ice says it’s all good ... the cutback means more family time, more side projects -- and he even dropped some inspo: "Give me free time, I find free dime."

Catch the full clip ... 'cause he also makes it clear SV

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