“Given our state’s economic woes and my obligation to both my family and job, it became clear that the amount of money required to run a viable campaign was out of reach,” he said.

He is the second Democrat to exit the campaign in the past week. Lt. Gov. John Cherry, who was considered the Democratic front-runner, dropped out last week also citing fundraising concerns.

Following Cherry’s exit, House Speaker Andy Dillon, D-Redford Township, said he will explore a run for governor. Rep. Alma Wheeler Smith of Salem Township, Lansing Mayor Virg Bernero, and Sen. Hansen Clarke of Detroit also have announced campaigns. Other names dropped as potential Democratic candidates include U.S. Rep. Bart Stupak of Menominee, former Flint Mayor Don Williamson, MSU Trustee George Perles and Detroit businesswoman Denise Ilitch.