Cutting or halting MAX production in this case refers to (further) reducing the rate from 42/month or pausing it until certification is re-issued and deliveries to the airlines can resume. While Boeing may well axe the NMA which is currently under development in favour of bringing a clean-sheet 737 successor to market earlier, at this point there is NO question of abandoning the MAX outright. That would mean losing the company's primary source of money for sustaining development of that project and completely ceding the most lucrative market segment to Airbus for years to come.
The problem is simply that Boeing is running out of space to park dozens of additional aircraft each month - the backlog stands at 400 aircraft already, and rises by more than one airframe with every day that passes! And it is now becoming apparent that the situation won't begin to clear until well into 2020 - the math is pretty straightforward.