The state treasurer announced Tuesday the start of a statewide TV ad campaign criticizing Gov. Arnold Schwarzenegger (search) for "breaking his promise" to voters not to spend more than the state takes in.

Treasurer Phil Angelides (search), a Democrat, said Schwarzenegger's budget policies have put the state at risk by relying too much on borrowing and spending cuts to close an $8.1 billion budget gap.

Instead, Angelides proposed a mix of spending cuts with a tax increase on the state's highest earners to balance the books.

"What the governor promised and what the people expect is a balanced budget that protects education and health care," Angelides said at a press conference. "The operative word here is fairness."

Angelides announced the ad campaign as the Republican governor prepared to deliver his second State of the State speech Wednesday evening, with much of the focus on the governor's ideas for solving the state's budget problems this year.

Administration officials have not released any details about the budget plan, saying little except the proposal will contain no new taxes.

Angelides is considered one of the Democrats' leading candidates and increasingly Schwarzenegger's biggest rival.

To pay for the ad campaign, Angelides created a new political committee, Standing Up for California (search), that has raised more than $1.3 million since last year, according to reports filed with the secretary of state's office.

Angelides' ads, which began Tuesday, will run one week in the state's major media markets — Los Angeles, San Francisco, San Diego and Sacramento.