Israeli Prime Minister Benjamin Netanyahu said on Tuesday that his coalition government with newly- joined Kadima party will attempt to promote responsible peace process with the Palestinians.

Chairman of Kadima Shaul Mofaz said at the same press conference that the majority of Israelis support territorial compromise with the Palestinians.

"Striving for peace is the cornerstone of any government," he said.

Israel's entire political spectrum was thrown into a tailspin Tuesday morning by the cancellation of the early elections, thanks to an unity government deal between Netanyahu and Mofaz.