[noun] + を控えて、[sentence] [noun] + を控え、[sentence] [noun] + を控えた + [noun]
を控えて goes after a noun for an event – an exam, a wedding, an election, a move – and means it is coming up soon: "with X just ahead". The rest of the sentence says what people are doing or feeling because of it. It is formal, at home in the news and in writing.
In conversation you would say もうすぐきごう〜だから or きごう〜がちかい近いので.
The verb ひかえる控える on its own, with a food, a drink or an activity as its object, means "cut back on", "hold off". The difference is the noun: an upcoming event gives "ahead of", anything else gives "refrain from".
These go beyond を控えて joining two clauses.
To describe a noun, use をひかえた控えた.
Without て, を控え is the written form for reports and the news.