Meaning of the word "down to the wire" in English

What does "down to the wire" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

down to the wire

US /daʊn tu ðə waɪər/
UK /daʊn tu ðə waɪər/
"down to the wire" picture

Idiom

until the last possible moment or the very end of a competition or event

Example:
The election went down to the wire, with both candidates neck and neck.
We worked down to the wire to finish the project on time.