The rhythm of life in Washington often mirrors that of a college campus. A friend of mine is studying for her master’s degree and her stress level is skyrocketing ahead of final exams later this month.

Congress also tends to make a big push just before long breaks—in the spring, late summer and near Christmas. But when Congress crams for its finals, it’s not grades but significant public policy that hangs in the balance.

This December is a prime example. Whether you accept President Bush’s argument that this has been a do-nothing Congress or the Democrats’ assertion that the White House and congressional Republicans have been obstructionists, the fact is that much work has been left to the last minute.

What could happen now is a rush to pass all kinds of legislation that must be approved by December 31. The catch is that there’s not time for much of it to be considered as stand-alone bills. In some cases, there’s not even time to properly legislate.

For instance, a bill that would make technical corrections to last year’s massive pension reform law hasn’t had a hearing in the House or Senate. But that likely won’t stop legislators from attaching it to a piece of tax legislation that must move by the end of the year.

One version of a technical corrections measure floating around would do more than tweak last year’s legislation. It would delay implementation for a year—from January 1, 2008, to January 1, 2009.

This approach probably won’t make it through, but it is possible to attach it to any bill that moves—with little debate or much transparency. Corporate executives could wake up to a whole new pension world one day this month and not know it happened—unless they’re informed by their highly paid Washington lobbyists, who mostly don’t support the delay.

Another bill that would affect employers is an expansion of the safety net for workers who lose their jobs due to trade. The House has passed such a measure, which also increases the amount of warning companies must give before they shutter operations because of global competition.

But the Senate has yet to act on a similar bill. The problem is that the trade assistance law expires on December 31. So, if Congress doesn’t approve another temporary extension, it will have to dispatch with this issue as it races for the Christmas exit.

Here are some other workplace bills that have been percolating this year and may come to a full boil in the waning weeks of the congressional session: expansion of a state children’s health program, funding for Labor Department programs (one of 11 appropriations bills that has yet to be approved), mental health coverage and genetic discrimination.

An additional piece of business that the administration and Senate have put off that must be completed by the end of December is approval of two nominations for the Equal Employment Opportunity Commission and three for the National Labor Relations Board. Each of the bodies has five members.

Leaving two or three slots open might not shut down operations, but it certainly would diminish them. Consideration of many important discrimination and unionization cases may be undermined.

EEOC Commissioner Stuart Ishimaru is not certain whether he will be working at the agency January 1. His term expired in July, and he will be forced to leave at the end of this month if he’s not confirmed.

“I hope it happens; something needs to happen,” he told me in an interview at an AARP event December 4 celebrating the 40th anniversary of the Age Discrimination in Employment Act. “You never know. The politics in this town are unpredictable, especially at the end of a session.”

Unfortunately, it’s this time of year when the administration’s and Congress’s worst traits of procrastination and gridlock shine like wreaths hanging on the Capitol and the White House.