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NEW YORK (CBS) ― Eliot Spitzer's tumultuous tumble from the zenith of a promising political career to the nadir of a shocking sex scandal came as no surprise Wednesday as the bright, bull-headed governor announced his resignation, effective Monday, under bloating pressure from state lawmakers and the public.

Lt. Gov. David Paterson will become the 55th governor of New York and the state's first black governor.

"I am deeply sorry I did not live up to what was expected from me. To every New Yorker, and all those who believed in what I tried to stand up for, I sincerely apologize," Spitzer said.

"I cannot allow for my private failings to disrupt the people's work," he said, with his wife at his side.

Spitzer's extraordinary demise came after reports Monday that he had been linked to a high-profile prostitution ring busted last week by federal investigators. His link to the operation was discovered through financial transactions

Once known as "Mr. Clean" for his tenure as an attorney and attorney general, and his promise to sweep corruption up and out of Albany, he'll forever be known as "Client 9," which he was referred to in wiretaps of the call girl agency, Emporer's Club VIP.

During a 10:45 a.m. news conference, Senate Majority Leader Joseph Bruno, the governor's political rival, addressed Spitzer's announcement.

"There is no pleasure in what is going on in this state in anybody's life, and there shouldn't be because this is serious," Bruno said. "My heart goes out to his wife and family at this time. He must deal with his own problems in his own way, but it is now time for us and all New Yorkers to move forward."

A state official told the Associated Press that the resignation will be effective Monday. Lt. Gov. David Paterson would then be sworn in as the state's 55th governor.

Paterson, who is legally blind, will also become the state's first black governor.

Bruno expressed optimism in Paterson's ability to run the state after he is sworn in.

"We are going to partner with the lieutenant governor when he becomes governor to govern. David has always been very open with me, very forthright ... and I look forward to a positive, productive relationship as soon as possible," he said.

Bruno will assume the duties of lieutenant governor, according to the New York Constitution.

The governor hoped to use the resignation as a bargaining chip with federal prosecutors to avoid jail time, insiders say, following his alleged involvement in a high-profile prositution ring.

"I think his career is politically at an end," noted criminal defense attorney Ronald Fischetti told WCBS.

Sources say the governor knows this and is using his defense team, led by Michele Hirshman, to leverage his resignation against potential charges he may face.

When asked what the best-case scenario is for Spitzer, Fischetti said, "No charges, absolute resignation and contrition. I think the worst that could happen is a felony plea on a number of charges they could lodge against him."

Fischetti said that as a former prosecutor himself, Spitzer would not want to plead guilty to a felony that could carry jail time, like tax evasion, money laundering or bringing a prostitute across state lines.

"The main thing I would do is not plead to a felony because if he does that his law license is toast," Fischetti said. "He can't practice law anymore."

Spitzer's and his counsel spent much of Tuesday holed up inside his Upper East Side apartment in talks with U.S. Attorney Michael Garcia and his aides. Any failure to reach an agreement may have to do with the pressure Garcia feels to make an example of Spitzer.

"It's very important that [Garcia] expresses to the public that everyone is treated alike and he doesn't charge someone who was the Attorney General and prosecuted crimes he will be subject to a lot of criticism if he lets [Spitzer] go because he was the governor," Fischetti said.

Meanwhile, as talks drag on, numerous groups have demanded that Spitzer step down, saying that his reform mission has been compromised.

"This problem really affects Gov. Spitzer at the core rationale for his governorship," said Baruch College Professor David Birdsell. "He came in promising integrity, a faultless governorship, one that's built on the firmest morale principles."

Though the resignation is expected sometime soon, it is unclear whether he will do it in writing or in a farewell speech. All of this, of course, is pending on the outcome of any deal he cuts.

Hirshman's clear goal is to see if she can get prosecutors to allow Spitzer to plead to a misdemeanor, something along the lines of solicitation, so he'd be able to practice law after he leaves Albany in exchange for his promise to resign.

The case is very difficult not only for Spitzer's family, but for the state of New York, which could soon find itself in the midst of an emergency transition.

Stay with wcbstv.com and CBS 2 HD for the very latest in this developing story.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)