Spitzer resigns; Paterson will be next governor

NEW YORK -- Gov. Eliot Spitzer announced Wednesday that he is resigning, completing a spectacular fall from power for a politician whose once-promising career imploded amid allegations that he paid thousands of dollars for high-end prostitutes.

"I look at my time as governor with a sense of what might have been," Spitzer said, with his expressionless wife Silda standing at his side. "There is much more to be done, and I cannot allow my private failings to disrupt the people's work."

Spitzer says his resignation is effective Monday. He will be replaced by Lt. Gov. David Paterson, who will become New York's first black governor.