Congress may be on vacation this week, but the clock is ticking down towards another economy-impacting deadline.

New Jersey Congressman Bill Pascrell who sits on the House Budget Committee thinks there’s less than a 50-50 chance Congress can resolve the sequester debate by the March 1st deadline.  As another game of chicken unfolds between The White House and House Republicans, Pascrell fears the drastic and painful budget cuts which were implemented as worst case scenarios will roll out given what he calls the Republican “wait and see” posture.

For his part, the Democrat continues to meet with his colleagues across the aisle – including House Speaker John Boehner.  He says everyone right now is just sticking to the script.  Speaking at the Bergen County Technical High School in Teterboro, Pascrell promises to have more to say on the New Jersey impact on Monday – one sign he doesn’t expect a resolution over the weekend.  His spokesman warns Sandy relief efforts could be dramatically curtailed