wait for the ax(e) to fall

To remain in expectation of some swift or sudden negative outcome without doing anything to avoid or deter it. Typically said of being fired from one's job. If you think you're at risk of losing your job, then don't just sit there waiting for the ax to fall! You've got to get your résumé together and start seeing what other career opportunities are out there. Analysts have been predicting this crisis for years, yet those in government did nothing, choosing instead to wait for the axe to fall while praying that it never would.