At least one California Democrat appears to be hedging her bets on Attorney General Jerry Brown's (D) chances of beating former eBay CEO Meg Whitman (R).

Rep. Loretta Sanchez (D-Calif.) filed paperwork Monday to raise money for a 2014 gubernatorial run, according to the Sacramento Bee

California's governor is limited to two terms so if Brown defeats Whitman in November Sanchez would have to primary him on her way to the Golden State's top job in 2014. If she's planning to run against Whitman, Sanchez must sense something that isn't apparent in the public polling.

A Field Poll in July had Brown at 44 percent and Whitman at 43 percent -- a virtual tie. That will likely change, however, when Whitman starts devoting her financial resources to big TV ad buys.

Brown has spent just over $630,000 since entering the race and now has close to $23.2 million cash on hand, but Whitman to date has spent some $100 million of her personal fortune and will likely go back to the well again before November. She hasn't yet released her latest financial disclosure statement.

If Sanchez wants to compete with that kind of financial muscle, it's best to get started early.