Fact check: Did California’s population ‘exodus’ cause $22 billion budget deficit?

California has experienced significant population loss in recent years — but is a decline in residents to blame for the state’s budget deficit?

Fox Business host Stuart Varney of “Varney & Co.” recently made the connection between an increase in the number of people leaving California and the estimated $22.5 billion deficit leaders must address.

The California Senate Republican Caucus then amplified Varney’s message on Twitter, saying: “The CA exodus is costing the formerly “Golden State” billions of dollars — $22 BILLION to be exact.”