Hi smurf. Can really sympathise after doing a doctoral thesis with a REALLY strict word limit - 80,000 incl references - and at one stage I had 180,000 . But I got it down to 80,000 in the end!
As the others have advised, check for repetition. Go through and cut, or consider cutting, absolutely everything which is not a) absolutely essential to your argument or b) sparklingly brilliant. See how far that gets you down - that was the way I did it. It might mean having to leave out or abbreviate parts of arguments, but if those parts are 'luxury' and the essentials are there it won't hurt your grade.