One fundamental question in the context of the geometric complexity theory approach to the VP vs. VNP conjecture is whether VP = !VP, where VP is the class of families of polynomials that can be computed by arithmetic circuits of polynomial degree and size, and VP is the class of families of polynomials that can be approximated infinitesimally closely by arithmetic circuits of polynomial degree and size. The goal of this article is to study the conjecture in (Mulmuley, FOCS 2012) that !VP is not contained in VP. Towards that end, we introduce three degenerations of VP (i.e., sets of points in VP), namely the stable degeneration Stable-VP, the Newton degeneration Newton-VP, and the p-definable one-parameter degeneration VP*. We also introdu...