In the interim, the legislature has been hamstrung by political infighting and power plays that have left the country without a government -- and without an "Orange coalition" that would lead Ukraine toward deeper integration with the West.
Unpleasant Choices
Yushchenko has several options at his disposal, and none are particularly pleasant.
As president, Yushchenko has the constitutional prerogative to dismiss parliament on July 25 -- 60 days after the resignation of the previous cabinet.
Such a move would break the political deadlock that has paralyzed parliament since elections were held March 26.
But it's an unappealing option for Yushchenko. Polls indicate his Our Ukraine bloc would see its numbers drop even lower than the 13 percent of the vote it took in its third-place finish in March.
Speaking on July 22 in his weekly radio address, Yushchenko appeared to indicate he would not opt to throw out the parliament.
He was ready, he said, to cooperate with the Verkhovna Rada "for the sake of the country's stability and development."
"The new government will be given an important and difficult task," Yushchenko said. "It has to keep up the pace of economic development and advance the living standards of our citizens. This can only be achieved by hard work, and only a team of professionals will be able to handle this task. This team should be headed by a person who can give up narrow partisan interests and take responsibility for the country's economic development. I hope for the wisdom of Ukrainian politicians."
Yushchenko may also be hoping for a situation that leaves at least some of his political clout intact.
Embracing Yanukovych
He faces unpalatable options even if he chooses to leave the current parliament in place.
One would be for him to go into the opposition against the so-called anti-crisis coalition led by the pro-Russia Party of Regions of his political archrival, Viktor Yanukovych.
This would leave Yushchenko largely marginalized by a parliament with newly enhanced constitutional powers.
Lastly, Yushchenko could agree to a grand coalition that would ally Our Ukraine with the Party of Regions.
It's a political partnership that was unthinkable two years ago, when the Orange Revolution carried Yushchenko to victory over a disgraced and discredited Yanukovych.
Such a decision would ensure a place for Our Ukraine in the new cabinet. But it would be the final blow for many Orange Revolution supporters who have seen their dreams of Western integration sink alongside Yushchenko's popularity.
Tymoshenko's Gambit
One major player in Ukraine's parliamentary drama is pushing for Yushchenko to dissolve the Verkhovna Rada. Yuliya Tymoshenko, Yushchenko's former Orange Revolution ally and prime minister, who had been determined to serve again as prime minister of an Orange coalition linking her eponymous bloc with Our Ukraine and the Socialist Party of Ukraine.
That aspiration died in early July, when the Socialists defected to the Yanukovych-led coalition.
But Tymoshenko remains a charismatic figure and the self-described keeper of the Orange Revolution flame.
For her, fresh elections would be an opportunity to win the votes of Ukrainians disenchanted by Yushchenko's seemingly lackluster commitment to pro-Western principles.
Yushchenko (left) shakes hands with Yanukovych prior to talks on July 21 (TASS)