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1. chill your biscuits
chill out, take it easy, calm down, take a chill pill, relax, don't be all hype
"Hey, I'm really really freaking out over this Hurricane."

"Chill your biscuits man, how much damage can a storm named Katrina do, i mean really?"

"Good point, i wont worry about it."
2. Chill your biscuits
calm down; chill out
used when someone is overly angry or excited
"WHERE THE HECK DID I PUT MY SHOES!?"
"Dude, chill your biscuits. They're right here."
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