chew the rag

chew the rag
chew the fat

(to have a chat with someone; to talk very informally with one's close friends) — болтать, поболтать, потрындеть, лясы поточить

Example 1: We stayed up all night chewing the fat.

Example 2: I often call Dan late at night and we chew the fat for an hour or so before going to sleep.

Example 3: Why don't you come over on Sunday morning and I'll make some breakfast and we can chew the rag for a couple of hours?

see also
[shoot the breeze]
[shoot the shit]
[wag one's chin]
[точить лясы]

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Note: "Chew the fat" is used more in British and Australian English, while "chew the rag" is used more in American English. (englishclub)