More from Haaretz:

During a recess, Prime Minister Ehud Olmert spoke to U.S. Secretary of State Condoleezza Rice, who updated Olmert on the diplomatic developments, government sources said. She said the chances of the Security Council adopting a resolution calling for an end to the fighting were “not bad.”
After speaking with Rice, Olmert called Peretz and Foreign Minister Tzipi Livni to his office, and the three agreed to give the diplomatic moves a chance before expanding the ground operation. Some ministers received the impression that Livni would not have supported the operation otherwise.
The cabinet authorized Olmert and Peretz to decide when to launch the operation. Government sources said that no “deadline” had been set, but the diplomatic effort would be given from “a few hours to a few days.”

I hear another senior Bush official was making similar calls to Israel yesterday.