A couple of early round punches were thrown today in the race for governor: one from Democrats against Governor Schwarzenegger, and another that certainly seemed like a jab from the governor towards challenger Phil Angelides.

The California Democratic Party paid for the most notable swing– a new TV ad that’s reportedly airing across the state this weekend. The ad takes aim right at what Democrats think is a soft spot on Schwarzenegger: his frequent budget proposals in years past aimed at trimming what the state spends on social services.

“When Governor Schwarzenegger tried to take away property tax relief for seniors, raised college tuition and fees, made drastic cuts to healthcare and schools, Phil Angelides led the fight to stop him,” says the ad.

You can see the ad later today here, so we’re told.

On the governor’s end, the punch was a bit less direct, coming in this morning’s news conference regarding his decision to approve a loan of state cash for stem cell research (reported here yesterday).

Schwarzenegger was explaining why he stepped forward, when he made a comment that the “Treasurer” (Angelides, not referred to by name, mind you) had experienced difficulty selling the bond anticipation notes that were authorized last year.

“That’s why we came to the rescue,” the governor said.

Fighters, take to your corners.