To me this song is about a guy that has been telling little lies since he was a kid with "red hands" (being caught red-handed by his parents and friends).
Now he's in a relationship, still used to telling little little white lies, but they have a huge affect on the girl he's with. She wants to leave him because he's a liar, he wants her to stay and get through it with him. After all "it's just a little white lie" and if it's "all the same to you, and it's all the same to me" he says it shouldn't bother either of them but she completely disagrees and wants to leave.
To me this song is about a guy that has been telling little lies since he was a kid with "red hands" (being caught red-handed by his parents and friends). Now he's in a relationship, still used to telling little little white lies, but they have a huge affect on the girl he's with. She wants to leave him because he's a liar, he wants her to stay and get through it with him. After all "it's just a little white lie" and if it's "all the same to you, and it's all the same to me" he says it shouldn't bother either of them but she completely disagrees and wants to leave.