BEIRUT, Lebanon - Prime Minister Najib Mikati said Friday parliamentary elections will be held by May 29, two days before the expiry of the legislature's mandate, a move that meets U.S. and Lebanese opposition demands.

Speaking to reporters after a cabinet meeting that approved its policy statement, Mikati said he was sending to parliament a proposed mechanism to hold elections within the constitutional deadline. But he warned that if Parliament did not approve the proposed mechanism, his cabinet would call an election.

"If the honourable parliament does not approve, we will be forced to call the electoral bodies a month before May 29, that is April 29, in order to conduct elections on May 29," Mikati said.

It was the first time a government leader in Lebanon specifically gives a fixed date for the elections.

The proposal, which Mikati did not disclose, appears to serve as a compromise between demands of the pro-and anti-Syrian camps. Calling an election before the legislature's term expires, The opposition has demanded elections be held on time.

U.S. President George W. Bush on Tuesday said in a Lebanese TV interview that elections should be free and be held on schedule. (AP)