The phrase "is touch and go" typically refers to a situation that is uncertain or risky. There are several synonyms that can be used to describe such a situation. For example, we could use the term "precarious" to indicate that something is unstable or at risk of collapsing. "Dicey" or "iffy" could also be used to convey a sense of uncertainty or danger. Alternatively, we might describe a situation as being "on the brink" or "teetering on the edge," both of which suggest that a tipping point could be reached at any moment. Ultimately, the choice of synonym will depend on the specific context and the tone desired by the speaker or writer.