Arnold Schwarzenegger ended the suspense Wednesday and jumped into the race for California governor, instantly becoming the best-known of the declared candidates seeking to replace Democrat Gray Davis in a recall.

The surprise announcement by the "Terminator" actor, a moderate Republican, capped a day of fast-paced developments in one of the most unpredictable political races in recent history.

Earlier, Democratic Sen. Dianne Feinstein (news, bio, voting record) had ruled out a run, labeling the election "more and more like a carnival every day." And political commentator Arianna Huffington declared she would run as an independent.

Schwarzenegger, 56, announced his decision during a taping of "The Tonight Show with Jay Leno (news - Y! TV)," calling it the toughest he's made since deciding to get a bikini wax in 1978.

"The politicians are fiddling, fumbling and failing," he said. "The man that is failing the people more than anyone is Gray Davis. He is failing them terribly, and this is why he needs to be recalled and this is why I am going to run for governor."

Schwarzenegger's advisers had said in recent days that he was leaning against putting his name on the Oct. 7 election ballot because of opposition from his wife, journalist Maria Shriver.

Schwarzenegger told Leno that he's not afraid of Davis allies attacking him as "a womanizer" or "a terrible person." "I know that they're going to throw everything at me," he said.

Davis issued a statement calling Schwarzenegger merely the latest in a long list of people who had declared their intent to run, noting that Hustler publisher Larry Flynt is among them.

"The more candidates who join, the greater the likelihood that a small minority of voters will be controlling California's future," Davis said.

He also reminded voters of the cost of a special recall election, estimated by the secretary of state's office at $67 million — "money which would be better spent on our schools and our children."

Former Los Angeles Mayor Richard Riordan, another moderate Republican, has said he would enter the race if Schwarzenegger did not, and polls have shown Riordan would be a stronger candidate than the actor. Riordan spokeswoman Lisa Wolf said Wednesday that he had no immediate comment.

Feinstein's decision not to run gave a big boost to Davis, while frustrating some Democrats who wanted her to run to ensure the governorship would remain in the party's hands if Davis lost.

"After thinking a great deal about this recall, its implications for the future, and its misguided nature, I have decided that I will not place my name on the ballot," Feinstein said in a statement.

"I deeply believe the recall is a terrible mistake and will bring to the depth and breadth of California instability and uncertainty, which will be detrimental to our economic recovery and decision-making," she said.

The recall election is yet another setback for Davis, who has seen his popularity plummet as the state grapples with a record $38 billion budget deficit.

It also is the latest force to bedevil Californians, who in recent years have endured an energy crisis, the collapse of the dot-com economy and a federally mandated cutback in one of the state's main water supplies. Residents now face the prospect of higher car taxes and college fees to close the state's budget gap.

Davis is the first California governor to face a recall and would be only the second governor nationwide to be removed from office if the effort succeeds.

Analysts from both parties believed the governor's chances for survival would have dramatically diminished if Feinstein, who tops polls as California's most popular politician, was on the ballot as an alternative.

Her decision came a day after a strong endorsement for Davis from the AFL-CIO. Both developments were key victories for the governor, whose support from fellow party members had appeared to be weakening.

oh great, this is gonna be fun... go Cali o.o' is this such a good idea?

either him, a billionare, or a *pr0n* star.

"California has gone INSANE, according to the lastest poll, arnold is winning by 34 points"

does he need motor oil yet?

California went insane the moment they elected Gray Davis as it's last governor. Hmmm rolling blackouts, increase of taxes, increased gas, increased electrical charges, large number of layoffs in state departments, budget cutbacks, and several other nasties done during his administration...and he wondered why he was the first gov. ever to be recalled from office? pfft...honestly even Schwarzenegger can do a much better job.

i live in California, i wouldnt mind if Arnold won lol

:o!

hehe, like I said before Arnold > Gray Davis

hahaha i can see him being the best thing that has happened to that state in along time cant wait to see how things develope

*chikichicky wishes that we didn't have a crooked-mouth as a prime minister