- Netanyahu says a general election should take place as soon as possible
- Israel was not due to hold elections for another year
- Netanyahu says the election will help Israel face its economic and security challenges
Jerusalem (CNN) -- Israeli Prime Minister Benjamin Netanyahu called an early election Tuesday, saying it should be held "as soon as possible" for the good of the country.
Netanyahu's televised announcement came after he failed to win the support of his coalition partners for an austerity budget.
"At this moment in time, as we face the two great challenges around us, security and the economic challenge, it is my obligation as the prime minister to put the national interest above everything else," he said.
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"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 next general election was not due until October next year.
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CNN's Michael Schwartz contributed to this report.
