The first few lyrics is "Circles, we goin' in circles" now, obviously they're not walking in actual circles, they keep repeating the same problems over and over again, They try to fix there problems, but whenever they do they end up at the very begging again. This keeps happening, the problems, them trying to fix it, fighting etc. And like a circle it never ends.
"Wake up, we both need to wake up" once again, they're obviously not actually sleeping. I think it means that they need to 'wake up', face reality and realize that no matter what they do, They're relationship is not going to work out, because even though they try to 'fix' the problems, something else happens and sets them back, makes them argue even more, which turns into yet another problem, and it all becomes too much.
"When it's broken, you say there's nothing to fix" now, this is pretty self explainitory. The girl thinks the relationship is perfect, or she might just not care enough to try and fix the problem, which once again, turns into another problem because she might not have cared all along.
"Think that we got more time, one more falling behind, Gotta make up my mind" I think this means that they think they have enough time to fix their relationship, when in reality time is 'running out' and their relationship will just fall apart, because yet another problem has occoured and their 'falling behind' because they're trying to fix it, They both need to 'make up their mind', weather they will stay together or break up.
In conclusion; The song is obviously about a relationship which is constantly having problems, and is always in some sort of dissagreement. So many dissagreements that more arguments arise, and make it harder to fix. They try to fix their problems, but whenever they do they end up at the very begging again. This keeps happening, the