California Assemblyman Rocky Chavez officially suspended his campaign for the U.S. Senate, reportedly giving the Republican Party a better shot at winning the race.

Due to a lack of funding and traction in the polls, the Oceanside Republican announced on Monday that he will exit the race and will instead run for re-election to the California Legislature.

He made the announcement just minutes before he was scheduled to appear in the first GOP primary debate Monday night, against two former state GOP chairmen, Dug Sundheim and Tom Del Beccaro, reports The Los Angeles Times.

He also released a statement on Facebook promising to continue to fight for veterans and find solutions to California's historic drought.

"I will continue to champion our veterans, solutions to our state's drought, long-term energy solutions, and making sure our children and grandchildren have access to a world class education system from preschool to college," said the former Marine colonel in the statement.

Chavez's early exit gives his party a better chance of winning the senate seat if GOP primary voters rally behind one candidate. According the rules under the state's top-two primary system, the two candidates who receive the most votes in the primary this June, regardless of party, will then face off in the general election in November. As a result, Chavez's presence in the race was dividing GOP voters. Without enough votes, the top two Democrats would move on to the general election.

"With three Republicans in the race, there was a very strong chance they would split the Republican vote," giving two Democrats a better chance at advancing to the November ballot, said Claremont McKenna College political scientist Jack Pitney.

With Chavez out "those chances have diminished," he explained.

As of now, both Sundheim and Del Beccaro are trailing in the polls behind leading Democrats, state Attorney General Kamala Harris and U.S. Rep. Loretta Sanchez of Orange County. Harris leads the race with 27 percent, while Sanchez has 15 percent. Plus, Harris has almost $4 million in campaign funds, which is nearly double the amount Sanchez has.

In contrast, Chavez earned just 7 percent of support in a January Field Poll and had just $369 in campaign cash, according to the latest federal financial disclosure forums. In addition, his campaign is nearly $43,000 in debt.

Chavez was first elected to the Assembly in November 2012 to represent the 76th district, which includes parts of northern coastal San Diego County and the cities of Camp Pendleton, Carlsbad, Encinitas, Oceanside and Vista. Before dropping out, the Latino official ran on a campaign of education, veteran's issues and good governance.