Weekend negotiations failed to bring a bi-partisan breakthrough in the president's push to reform Wall Street.
Democratic lawmakers are one vote shy of being able to kill a filibuster in the Senate.
Both sides say they want to protect consumers and guarantee the government will never again bail out "too big to fail" banks.
"Here we are 17 months after someone broke into our house in effect and robbed us, and we still haven't even changed the locks on the doors," Sen. Chris Dodd, D-Conn., told NBC's Meet the Press.
"It's my expectation that we will not go forward with this partisan bill," House Minority Leader Mitch McConnell, R-Ky. told Fox News Sunday. "It's not ready yet."
A test vote on Capital Hill Monday is still expected to fall along party lines.