Jerusalem ( CNN ) -- Israel 's parliament has voted to dissolve itself and schedule an election in January , setting the stage for the beginning of an intense political campaign in the Middle Eastern nation . The election is set for January 22 , moved up from October 2013 , according to a statement on the Knesset website Tuesday . Last week , Israeli Prime Minister Benjamin Netanyahu called for the early election after failing to agree on a budget with his coalition partners , saying the vote should be held `` as soon as possible '' for the good of the country . He said the election was necessary to ensure `` a responsible security and economic policy '' in the face of the economic downturn and threats to Israel 's security from Iran and elsewhere . `` It is my obligation as the prime minister to put the national interest above everything else , '' Netanyahu said . `` So I have decided that it is in the best interest for the state of Israel to go to elections now and as soon as possible . '' The Israeli Prime Minister said he had concluded after talks with the heads of the other parties in his coalition that it was not possible to pass a `` responsible budget with a long-term outlook '' for Israel . Researchers at the Bank of Israel predicted in September that Israel 's economic growth this year would come in at 3.3 % , versus 3.0 % next year . Inflation through the end of the third quarter of 2013 was forecast to be 2.6 % . Two coalition partners , the ultra-Orthodox party Shas and Yisrael Beytenu , Avigdor Lieberman 's nationalist party , were against cuts being imposed on lower earners , including young families and families with many children . Defense Minister Ehud Barak , leader of the Independence Party , was against any cuts in the defense budget . Without those three coalition partners on board , Netanyahu had little chance of getting the budget through the Knesset .
The election is set for January 22 , moved up from October 2013 . Last week , Israeli Prime Minister Benjamin Netanyahu called for the early election . Comment: