(CNN) – Despite pouring millions into his re-election bid from his personal fortune, New Jersey Gov. Jon Corzine finds himself entering the final stretch before Election Day with significantly less money in his campaign warchest than his publicly financed Republican opponent.
According to documents released Tuesday by the New Jersey Election Law Enforcement Commission, the Democratic incumbent had only $412,410 in his general election campaign account as of October 20, despite having kicked in $22.6 million from personal funds. Corzine's chief opponent, Republican Chris Christie, had $2.9 million in available cash to spend on the final days of the campaign.
Unlike Corzine, both Christie and independent candidate Chris Daggett participated in the state's public matching funds program, designed in part to reduce a candidate's need to raise campaign funds. Christie received the maximum $7.3 million in public funds and raised an additional $4.4 million from contributors for a total of $11.7 million raised for the general election. Daggett raised a total of $1.3 million for the general election, almost $727,000 of which came from public funding.
Corzine's spending to date has more than doubled that of Christie and Daggett combined. The governor has spent $23.6 million since winning the Democratic nomination for a second term, while Christie has spent $8.8 million in the same period. Daggett has spent $1.2 million.
Although Corzine's campaign reported having less money in the bank than the Christie campaign by the end of the last filing period, the governor likely will not be strapped for cash as state law allows him to loan himself an unlimited amount from personal funds.
According to personal financial disclosures he has filed over the years, Corzine, a former CEO of the Wall Street investment firm Goldman Sachs, has a personal net worth estimated in the hundreds of millions, which he has has dipped into in on several occasions to fund his bids for elected office.
This year, the governor loaned or contributed to his campaign a total of $28.2 million in personal funds for the primary and general election. He first won the governorship in 2005 after spending $42.4 million of his own money against another wealthy, self-financed candidate. In 2000, he won a U.S. Senate seat after spending a record $59 million in personal funds. In total, Corzine has spent at least $130 million from his own largesse over the course of nine years and three statewide campaigns.
The governor has received high-profile support from Democrats nationally, most notably from President Obama, who headlined a campaign rally for Corzine last week. Democrats hope to hold the governorships in New Jersey and Virginia this year before heading into a competitive midterm election season next year.
Recent polls have shown Corzine pulling even with Christie after trailing for much of the year. Daggett, the independent candidate, has gained support in polls largely at Christie's expense.