Recently O’Grady argued that Quine’s “Two Dogmas” misses its mark when Carnap’s use of the analyticity distinction is understood in the light of his deflationism. While in substantial agreement with the stress on Carnap’s deflationism, I argue that O’Grady is not sufficiently sensitive to the difference between using the analyticity distinction to support deflationism, and taking a deflationary attitude towards the distinction itself; the latter being much more controversial. Being sensitive to this difference, and viewing Quine as having reason to insist on a non-arbitrary analyticity distinction, we see that “Two Dogmas” makes direct contact with Carnap’s deflationism. We must look beyond “Two Dogmas” to Quine’s other critiques of analyticity to understand why the arbitrariness of the distinction threatens to undermine or overextend Carnap’s deflationism, collapsing it into a view much like Quine’s. Quine is then seen to achieve many of Carnap’s ends, with the important exception of deflationism.