A call by People Before Profit to impose sanctions on Israel and to stop US military personnel using Shannon Airport has been defeated in the Dáil by a margin of 83 votes to 50.
People Before Profit tabled a Private Members' Motion calling on the Government to do all it can "to prevent the commission of genocide" in Gaza.
The party's Richard Boyd Barrett said Ireland's "shameful failure" over Gaza had resulted in "blood on our hands".
He said the Convention on Genocide obliges all 153 signatories - including the Irish Government - to use "all reasonable means available to them".
"I would say we have blood on our hands for our shameful failure," he told Tánaiste and Minister for Foreign Affairs Micheál Martin.
Mr Boyd Barrett said that international experts have pointed to "hard evidence of genocidal intent" on the part of Israel.
"It's not just that Israel has killed 14,000 people - slaughtered - including 6000 children, displaced 1.7 million people; ethnically cleansed them, in effect, under a reign of terror. Destroyed 275,000 Palestinian homes," he said.
But Israel has also cut off electricity, water and called Palestinian "animals", he added.
While people will be breathing a sigh of relief at the "temporary respite that will now be given to the people of Gaza," Mr Boyd Barrett warned that "Israel has made absolutely clear that it intends to resume the slaughter of people in Gaza as soon as this truce expires in four days or so".
Moving a counter motion for the Government, the Tánaiste expressed his "dismay, horror and an ever-increasing anger and alarm" at the mass bloodshed.
But Mr Martin welcomed news of the agreement to release hostages which he claimed has the "potential to be an important step towards a de-escalation of this conflict".
While Taoiseach Leo Varadkar also welcomed the promised ceasefire, he said that it should be longer than four days.
The Government is focused on "our nine-year-old Irish citizen Emily Hand. I know deputies will understand if I do not go into detail on Emily's case," Mr Martin said.
He added that "51 Irish citizens and dependents have now been assisted to leave Gaza.
"Motions didn't get these Irish citizens out of Gaza. Diplomacy did. And that's the bottom line."
Renewed call for sanctions
Insisting that "Irish words do matter", Sinn Féin Spokesperson on Foreign Affairs Matt Carthy said that "it would be much, much better if those words are matched by actions".
He dismissed the Tánaiste's insistence that Israel's actions have consequences, claiming that the Government cannot point to "an actual single consequence that Israel will pay us for its barbaric, brutal attacks".
Mr Carthy thanked PBP for bringing the motion and tabled an amendment to the Government countermotion which includes a condemnation of the killing of children.
He said he wanted to add two words: "by Israel".
Social Democrats leader Holly Cairns again called on the Government to introduce sanctions against Israel, and to formally recognise the Palestinian state.
Taking Leaders' Questions, Mr Varadkar responded that sanctions should be multi-lateral rather than Ireland moving alone.
He added that while the Government has always recognised Palestinian leaders and passport holders, it would recognise the Palestinian state at the point when it is formally established.
