The Israeli cabinet gave its approval on Sunday to Prime Minister Benjamin Netanyahu's proposal to hold an early general election on January 22, a statement from the premier's office said.
Netanyahu had on Tuesday announced his intention to bring forward an election that had been scheduled for October 2013, saying the decision was driven by the current deadlock among coalition partners over the passage of a budget packed with austerity measures.
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The Israeli parliament, or Knesset, will have to vote on the date in the coming days, in a move which is likely to be approved.
That will pave the way for an election which polls suggest Netanyahu and his coalition of rightwing and religious parties will comfortably win.