"it's cutting it short" Translation
That expression is used when not enough time is allotted to do several things in a row.
There must be a Spanish idiom. The sense of it in Spanish is something like, ...estamos quedando sin tiempo... "We're running out of time"
Look here (SD Dictionary for the English word "close")
- Estrecho, angosto; ajustado. That was a close shave/call -> se salvó por un pelo o por los pelos
So, for the context you are referring to, it may be "¡Se salvaró por un pelo!" to say that "It will be a close call!"
That probably is not exactly what you are looking for, so I will continue to study "time" to see what I can come up with.
Perhaps, "Time will be short" = "El tiempo será corta"