Shadow chancellor George Osborne challenged him not to "bottle it".
There has been increasing speculation that the prime minister will call a November election early next week.
Three opinion polls suggest Labour's lead over the Tories has fallen sharply in the past week - two put Labour ahead but one has them level with the Tories.
Mr Osborne said: "Either we have this election - which the current opinion polls and the state of the Conservative Party suggest we've got a good chance of winning - or he bottles it.
"That is a pretty extraordinary position for a prime minister to be in after just a few months."
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