"That is a little bit of a stretch" or sometimes we say "That's a bit of a stretch." We usually say that whenever somebody exaggerates something. For example: Person 1 says "McDonalds hamburgers are so unhealthy! They cause cancer!" Person 2 replies: "That's a bit of a stretch." Person 1 is right that McDonalds hamburgers are unhealthy but the exaggeration (or the stretch) happens when he says they cause cancer. So we say "that's a bit of a stretch" when a truth (McDonald's hamburgers are unhealthy) is exaggerated (they cause cancer). I hope that helps. If it doesn't, let me know and I'll try to explain it better. :)

"The meaning of that was stretched." This means that a word or phrase was used incorrectly and exaggerated. Usually a dishonest way of making something appear better than it really is. You usually stretch a point, not a meaning.

Do you mean "that is a little bit of a stretch"?