The law grants Peres three days in which to decide between ordering a nationwide election within 90 days and tasking another Knesset member with the formation of the new government.
The president began by meeting with Shas Chairman Eli Yishai, who said that "if worrying about medication for children who are under the poverty line and bridging social gaps is called extortion – then to me this is a title of honor."
Yishai estimated that Peres would probably follow Livni's recommendation to go to general elections.
Peres also met with Coalition Chairman Yoel Hasson (Kadima), who informed the president that his party was planning to propose a bill for the dissolution of the Knesset within 90 days on Monday.
"We are interested in lightning-quick elections, to take place before the date set by law. Kadima needs to lead this process," Hasson said. He was referring to his intention to appeal to the Knesset Committee to shorten the 45-day waiting period between the proposal of the bill and the date it can be voted on according to the law.
Earlier the chairman of the Knesset Constitution Committee, MK Menahem Ben-Sasson (Kadima) called on party leaders to schedule a date for the elections by passing a Knesset dissolution bill.
Meretz Chairman Chaim Oron criticized the political process during a party meeting, convened in order to discuss the probable nationwide vote. "The fate of the Israeli people is determined between Rabbi Ovadia (Yosef)'s morning prayers and Ehud Barak's pledges for honor," he said.
On the sidelines, political parties have begun debating their rosters. Labor Party officials remarked that there have been many disputes over emerging Knesset members, while Likud officials predicted their party would hold primary elections in December.