Don’t be surprised to see Governor Schwarzenegger or his allies declare victory in the effort to get levee help from President George W. Bush. At the same time, the governor’s critics will likely say he failed. And who knows, based on this morning’s developments, they may both be right.

First, the recap: the governor has been saying for a few days that he will give the President a good talking-to, asking for help to fix California’s endangered levees. In addition, both Schwarzenegger and Democrats have been highly critical of a recent decision by a top federal official to reject a request for a federal disaster declaration– and federal dollars– to make levee repairs.

But while many media reports have assumed the governor would ask Bush for money during today’s tete-a-tete, it now appears that was never the case. Early this morning, the Schwarzenegger administration– by way of a “background only” note to reporters– hinted that the governor’s main goal is to get “regulatory relief” from the feds, to speed up the process of levee repairs. And looking back on the governor’s public comments this week, he actually never mentioned immediate financial assistance from Washington.

So when the Associated Press reported this morning that Bush would offer ways to speed up the involvement of the U.S. Army Corps of Engineers in levee fixes… but no actual money… well, it all seemed perfect for a “Arnold Gets Help” headline.

Democrats, however, already appear to have declared defeat for the governor’s efforts. Here’s the statement released by Assembly Speaker Fabian Nunez (D-LA):

“The headline on the story should be: ‘Bush to California: Drop Dead.’ California needs federal money to prevent a Katrina-like emergency, and we need it now.”

So depending on your political preference, either story could be considered accurate. Now the question is: which story will stick?