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FRom the Sac Bee
(Excerpted)

With re-election bid ahead, governor's cupboard is bare
By Kevin Yamamura and Andy Furillo

http://www.sacbee.com/content/politics/story/14139330p-14968068c.html

After a special election with a price tag that topped $275 million, Gov. Arnold Schwarzenegger's personal war chest is virtually empty as he begins his 2006 re-election campaign, according to reports filed Tuesday with the secretary of state.

Schwarzenegger's ballot initiative committee alone exhausted $45.5 million during last year's special election campaign in which voters rejected eight ballot proposals, including four specifically backed by the governor.

With all the large campaign committees reporting, opponents of the governor spent about $121 million to defeat those four initiatives, while Schwarzenegger and his allies fought the battle with $76 million of their own.

The Republican governor also raised $2.5 million for his personal re-election campaign, but he spent $3 million on everyday expenses and supporting his initiative drive.

That left Schwarzenegger with $147,000 in cash and $556,000 in debt in his campaign account as of Dec. 31. Much of that debt - $336,000 - was owed to his personal holding company, Oak Productions, for travel, lodging and meals.

"Obviously, we have a lot of fundraising to do, and we've begun that in earnest this month," said Schwarzenegger fundraiser Marty Wilson. "We're getting a good response. I feel confident we'll have the resources necessary to wage an aggressive campaign in the fall."

The governor's lack of a competitive primary likely leaves enough time to refill his coffers before the November general election, but his potential Democratic opponents won't have that same luxury.

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