If it's a pressure hose, there's nothing you can do. If you try to cut the hose and clamp it, you're going to be in for a lot worse leak than you imagine.
I remember one time about 25 years ago when I was in college, and I was helping a friend finish up a motor swap...they had it in and done, but the car wouldn't start. Turned out the distributor was hooked up wrong.
Anyway, I was filling the power steering up (it was dry), and all of a sudden, BANG....the hose flies off and sprays power steering fluid everywhere. Turns out one of the guys helping him do the job did exactly what you're thinking about doing....cutting and rejoining the power steering pressure hose.
My suggestion? For now, remove the belt and drive the car without power steering until you can afford the part. It'll be harder to steer, but it's about the best alternative at this point.
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