take on water

verb2

1. •
   To slowly fill with water, as due to a leak or being washed by high waves; to begin to sink.

   • The skipper, Matt Craughwell, said their boat had begun to take on water after being tossed, stern upwards, by huge waves. — 2012
2. •
   To be in an increasingly difficult or risky situation; to falter or begin to fail.

   • While the heartland is chugging right along, the economies of Southern California and New England are still taking on water. — 1994