February Elections in Israel Likely
Tzipi Livni, Foreign Minister of Israel, cannot form a government, so probably will ask for early elections. This means that Benjamin Netanyahu of Likud will have a chance as he is very popular right now. Also in the running will be Barak of Labor. Both men are former Prime Ministers.
An ordinary election in Israel was not due till 2010. Now, it it likely to occur on February 17th, 2009. The Olmert government will sit as is until then. (edit 10/31/2008-It has declared that February 10th will be election day.)
Condoleeza Rice was hoping for a peace deal before President Bush leaves office in January, but that is now unlikely.
Resource: Oregonian Newspaper, page A 18; Israel likely to hold a February election.