Prime Minister-designate Benjamin Netanyahu arrived Friday morning at the President's Residence in Jerusalem, where President Shimon Peres granted him a 14-day extension in order to form his government.
Netanyahu expressed his hope that "all leaders will reconsider the offer to form a wide national unity government".
The Likud leader is currently in the midst of a campaign aimed at convincing members of the Labor Party to join his coalition. Labor Chairman Ehud Barak plans to bring the matter to the party's Central Committee on Tuesday.
Shas Chairman Eli Yishai joined Netanyahu's effort on Friday morning in a conversation with Labor Secretary-General Eitan Cabel. He stressed the urgency of Labor joining the government in favor of dealing with the challenges facing Israel.
Netanyahu told Peres at the start of the meeting, "I could have presented a government to you and to the people of Israel by Sunday, but I chose to ask you for the extension in order to exert every effort which will lead to a national unity government as I promised Israel's citizens in the election campaign.
The prime minister-designate said his opinion on the matter had become stronger following his meetings with the General Staff and heads of the economy.
"We are facing difficult threats and an economic crisis. I hope all the leaders reconsider the offer to form a national unity government and put aside any personal and party-related consideration," he said.
President Peres replied, "I have a lot of appreciation for your efforts to form a wide government. It's sensible. As for the State's situation, I fully share your opinion."