Is "I don't have enough funding" the most popular phrase used as hint for rejection

From communicating with fellow peers, it seems that whenever a professor rejects a student for graduate entrance, he or she will say something along the line of "sorry there isn't enough funding" or "our funding cannot cover a spot for you this year...but feel free to apply again".

This phrase also work its way into graduate interview as well, where the prof would suddenly mention funding questions, and thinks out loud whether he will have enough funding this year to take you.

While all the students failed to get acceptance offer when something along the line of this phrase is uttered...I wonder if there is a pattern in academia (applying for post-doc position, or research) where rejections are treated as lack of funding issues.