LOS ANGELES -- Arnold Schwarzenegger's rise to governor of the nation's most populous state two years ago made him so popular that some Republicans even hinted at a constitutional amendment that would allow him to run for president.

On Wednesday, a remarkable reversal of fortune left the former action hero fighting for his political life in a Democratic-leaning state and struggling to regain his footing before a 2006 re-election bid.

Voters a day earlier rejected all four of the government reform initiatives he had placed on a special election ballot, a resounding defeat for a governor who cast the election as a continuation of the 2003 recall election that swept him into office.

"It doesn't mean that Arnold Schwarzenegger's political career is over," said Darry Sragow, a Democratic consultant who worked with Schwarzenegger last year. "But he had a mandate to reform state government, and he no longer has that mandate. It's tragic."

Schwarzenegger stayed out of sight Wednesday as voters and analysts chewed over the election results. His first public appearance after the election debacle will be a meeting Thursday with Democratic and Republican legislative leaders in Sacramento, the first step in an effort to rehabilitate his former image as a bipartisan governor.

"There is much work to be done," Schwarzenegger told supporters Tuesday night, vowing to collaborate with lawmakers in the months ahead. "We've got to rebuild our infrastructure. We need more schools. We need more firefighters, more teachers ... Californians are sick and tired of all the fighting and all those negative TV ads."

Schwarzenegger had asked voters to approve a state spending cap and give him authority to make midyear budget cuts, change the way legislative districts are drawn, restrict the money unions could raise for political campaigns and make teachers work longer to gain tenure. None of the four prevailed, as voters appeared puzzled by the special election and angry at its price tag, estimated to be at least $50 million.

Elizabeth Garrett, an expert on California's initiative process at the University of Southern California, said Schwarzenegger had learned an important lesson about the limitations of initiatives in enacting the kind of changes he sought.

"He needs to re-establish his connection with the people and push real reform through the traditional governing process," she said. "This is the really important moment -- the pivotal moment of his political career."

The governor's drubbing at the polls has left his political reputation in tatters, weakening his hand with the largely Democratic state Legislature and opening him to a competitive race for re-election in 2006.

Assembly Speaker Fabian Nunez said that while Democrats were willing to work with Schwarzenegger, the two sides hadn't reached the "kumbaya stage" quite yet.

"We just spent $55 million of taxpayers' money that didn't prove a dang thing. I'm deeply disappointed in our governor," Nunez said.

So far, two Democrats -- state Treasurer Phil Angelides and Controller Steve Westly -- have announced plans to challenge Schwarzenegger next year. Both campaigned actively against Schwarzenegger's initiatives but have failed to ignite passion among voters or fellow Democrats.

Despite Schwarzenegger's weakened state, analysts say he enters the race with some important advantages on his side.

"His base is still united and firmly behind him," said Bill Whalen, a Republican consultant and scholar at Stanford University's Hoover Institution.

"And if you talk to smart Democrats, most will tell you they would love nothing more than to see another candidate in the primary who would excite the party."

Actor Warren Beatty and director Rob Reiner entered the fray in the campaign's final weeks to lobby against Schwarzenegger, raising hope among Democrats that one or the other would challenge him next year.

But Whalen, who was an aide to former Republican Gov. Pete Wilson, said he didn't think either could deliver what the Democrats need to beat the celebrity governor.

"The election was a referendum against Schwarzenegger and a referendum against the special election," he said. "But I don't see the public chanting 'We want Warren."'