Lyric discussion by wage 

They way I interpret the song, it's either about a man and woman falling in love, and eventually falling out love, then being too scared to leave each other because of loneliness.

"the year grew late and neither one wanted to remain alone"

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The other way I see the lyrics is that it's about an unplanned pregnancy "A momentary lapse of reason"

"and without a thought of the consequence I gave in to my decadence

one slip, and down the hole we fall it seems to take no time at all a momentary lapse of reason that binds a life for life"

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Even though the song's not about addiction, I still find the lines below helpful with my sobriety "one slip, and down the hole we fall it seems to take no time at all"

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