A credibility contest between two men, where the truth of exactly what was verbally expressed is in question. This situation usually arises because there were no third-party witnesses, credible recordings, nor other facts that can substantiate one particular version of the story.
This neologism emerged out of the press reports that President Donald Trump had pressured FBI Director James Comey to drop the FBI's investigation into Michael Flynn's involvement with Russian officials.
Running out of intelligent things to say, the reporter unimaginatively stated that the James Comey memo situation was essentially a "He said, he said." type of affair.
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