The parliamentary session was held under heavy security following last week's assassination of pro-government lawmaker Antoine Ghanem.
Of 128 members of parliament, only 65 lawmakers, those representing the ruling alliance, convened for the session, preventing the two-thirds quorum required to elect a new president.
The news came as little surprise following the earlier announcement by the opposition, led by Syrian- and Iranian-backed Hezbollah, of its intention to boycott the session in order to stop the U.S.-supported majority from electing a president from their own ranks.
The current crisis has the very real potential to lead to the emergence of two rival governments, and subsequent political chaos.
Lebanon witnessed a devastating civil war in 1975-1990, and has seen a chain of political assassinations in recent years, including the murder of former Prime Minister Rafik Hariri on February 14, 2005.
If parliament is unable to elect a president by Nov. 24, Prime Minister Saniora and his Cabinet automatically assume executive powers.
