Lyric discussion by andeweathers 

Married man screws up at some social event and sleeps with another woman. This is his "one slip." An affair begins and carries on. Man's wife eventually finds out and "there will be no sleep in here tonight" refers to him and his wife. Eventually his marriage is done and he and the other woman continue to see each other becuase they have nothing else left, despite the fact they seem to have grown bored with each other. Unwilling to be alone in life, they cling to each other.

I don't see a pregnancy in here anywhere, though I have looked after reading earlier posts.

A momentary lapse of reason binds a life to a life. Because of one moment where this man (and this woman) fail to use good judgement and give in to the oldest temptation on God's planet, his life is forever linked (or bound) to another person, whether he sees her again or not.

I agree. I don't see the accidental pregnancy within the lines either. Good song.

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