It may be an election year, but "do nothing" won't be an option for this Congress, which has its work cut out with mounting pressures to resolve some contentious issues. Most immediately, members of Congress must come to an agreement on how to fund a payroll tax cut—an issue that generated significant debate in December.

Congress has until February 29 to extend the tax break, which cuts workers' payroll taxes from 6.2 percent to 4.2 percent. The deadline also applies to Congress’ decision to extend a program to prolong unemployment benefits.

It's not just Congress facing deadlines. The Obama administration must decide by February 21 whether to approve the controversial Keystone XL oil pipeline—a demand included in the latest Republican payroll-tax deal.

Read more from the Wall Street Journal about the battles heating up in Washington.