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With some trepidation, for once I'm not sure I entirely agree with Quizmonster. I think there's more irony here than euphemism. The phrase is more an expression of mock, rather than genuine, amazement or surprise. Thus, for me, the point is that the speaker is taken aback by what's just been said to him, enough to make him go to the foot of his own stairs, but not much further!
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