What is the meaning of it's a bust? - Question about English (US

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Definition of it's a bust The phrase is definitely slang, but refers to something that ended in failure, with no chance of recovery.|Also, a "bust" can be a sculpture showing the head and shoulders of a person! So if you were in a museum and you saw such a sculpture, you could turn to the person next to you and say "it's a bust". :)
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