an ax(e) hanging over (someone or something)
1. The threat of being fired. There's definitely going to be an axe hanging over me if the boss finds out that printing error was my fault.
2. The threat of being destroyed or ended. I worry that there's an axe hanging over our initiative now that our funding's been slashed.
an axe hanging over someone
If there is an axe hanging over someone, they are likely to lose their job soon. Note: `Axe' is spelled `ax' in American English. I wouldn't say there's an axe hanging over him but he's only got another season to put everything right.
an axe hanging over something
If there is an axe hanging over something, that thing is likely to be destroyed or ended soon. Note: `Axe' is spelled `ax' in American English. The axe was hanging over 600 jobs at oil giant BP last night.