"Here's the way ahead, colleagues. We're going to vote at 9:45 in the morning, the same vote we had at 6 p.m. tonight. We're going to vote at 9:45 in the morning, 15 minutes after the markets open, and see whether there's a change of heart," McConnell said on Sunday night.

His decision comes after the GOP stimulus package garnered 47 votes on Sunday, falling short of the three-fifths needed to advance. McConnell is trying to move a "shell" bill, which he will swap text of the stimulus package into.

Democrats, however, voted in lockstep against the bill, calling several provisions in it "non-starters." Among other things, Democrats say Republicans walked back an agreement on putting $250 billion into unemployment insurance, and accused them of adding a $500 billion "corporate slush fund" and leaving out their priorities like expanded paid sick leave.

The Dow futures dropped 5 percent on Sunday as the chances of a quick deal on a stimulus package that would provide between $1.5 to $2 trillion to combat the coronavirus and bolster the economy hit fresh partisan stalemates.

McConnell said that he would force the 9:45 a.m. vote unless negotiators are able to reach a deal before then, effectively establishing a new deadline.

"I just want all our colleagues to know when the next vote will be in the absence of an agreement: 9:45 in the morning, 15 minutes after the markets open," McConnell said.