If this is the new responsive engine, you can achieve this by setting a “fixed height” on the text element. Generally, the proper fixed height for any line of text is the font size multiplied by the line height. So let’s say that your text is 16px and has a line height of 1.5. You’d want your element to have a fixed height of 24px in that case.
If this is the legacy responsive engine, there is a setting on each text element that says “cut off content if element is not tall enough.” This, combined with a fixed height should resolve the issue for you.