Cutting it close...

[sylphidae]

Jenny: Hi, John, do you think it is possible for us to have a
talk sometime today?

John : Well, I have to finish a report by ten. Then I have to
drive to the airport at 11, and then blah...blah........

Jenny: Wow, that's cutting it close.

What is meant by the underlined phrase?
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Last night I was looking up at the stars and I was wondering, where the heck is my ceiling?

[sylphidae]

After some time googling on the net, I finally have an idea
what this phrase means.

'To cut it close' means to not to leave enough time for some unexpected situation that might happen. I guess this phrase is somewhat similar to the word 'cramming' which means 'doing many things in a short period of time'.

Any additional idea, corrections or suggestions is very much welcome.
_________________
Last night I was looking up at the stars and I was wondering, where the heck is my ceiling?