Top Definition
To come to a decision point: either commit to what you're doing, or give it up entirely.

There is some debate as to whether the expression refers to cutting up bait, or cutting loose live bait.

See also shit or get off the pot
Steve has been dating Marva almost six years, and his parents think it's time for him to fish or cut bait.
by Iago October 15, 2004

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