The Turkeys Just Voted For Christmas.
SNP Westminster leader Angus Robertson called for an "historic, reforming election" to rebuild trust in politics in the wake of the expenses scandals.
But Welsh Secretary Peter Hain said an early poll would "trigger instability".
The motion was rejected by 340 votes to 268.
Mr Robertson told the Commons that arguments against dissolution were motivated by "pure naked self preservation" on the part of the Labour Party, which performed badly in the local and European elections.