Schwarzenegger Campaign Funds Nearly Gone

Talk about the Governator's woes. This is also from Yahoo News:

SACRAMENTO, Calif. - After spending more than $44 million in last year's special election, Gov. Arnold Schwarzenegger's re-election committee began 2006 in the red.

Campaign statements filed late Tuesday show Schwarzenegger raised $2.5 million in 2005 for his re-election campaign, but spent $3 million. Although he has about $150,000 cash on hand, the Republican's re-election committee had debts of $556,000 as of Dec. 31.

The two leading Democrats looking to challenge Schwarzenegger in November are flush with cash. State Treasurer Phil Angelides reported cash of $17 million, while state Controller Steve Westly has about $24 million — aided by donations of $20 million from himself.

Karen Hanretty, a former spokeswoman for the California Republican Party, said the governor will be able to catch up because the Democrats will spend money battling each other in the June primary. Schwarzenegger faces no significant GOP challenge.

In 2003, Schwarzenegger spent more than $10 million of his own money on the recall campaign and his candidacy for governor. Reports show he gave $8.2 million of his own money to support his failed slate of special election ballot measures last year.

Reports filed this week also showed that committees battling over the eight propositions in last November's special election spent a record $303.9 million, beating the previous year's $253.6 million.

All eight measures, including four promoted by Schwarzenegger, were defeated.

California Gov. Arnold Schwarzenegger, left, shakes hands with students at the Samuel Jackman Middle School in Sacramento, Calif., Thursday, Jan. 26, 2006. Schwarzenegger visited the school with Vice Admiral Richard Carmona, U. S. Surgeon General, not pictured, to encourage students to eat properly and live active, healthy lifestyles. (AP Photo/Rich Pedroncelli)

The Governator spent $44 million for last year's special election initiatives--which were all defeated. Had Schwarzenegger worked with the legislature in crafting some type of bipartisan legislation, instead of ranting about how he was going to "clean up California" with his special election initiatives, he might have been able to save some of that money for his re-election campaign. But the Governator gambled--and lost. Now with the Governator's poll numbers also sinking in California, I would have to wonder how much cash will Schwarzenegger be able to raise for this year's election? Perhaps the only support he may get will be the corporate interests, and his Republican base down in Southern California.

It is going to be an interesting election.