Treasury cash balance crashes 72% since start of month as Janet Yellen tries to avert a default

The Treasury Department is running out of cash.

Secretary Janet Yellen has repeatedly warned that the X-date when the Treasury can no longer prevent a default could be as early as June 1.

Some said this was hyperbole, but a look at its bank account at the Federal Reserve suggests she might be right.

Since the beginning of May, the Treasury General Account (TGA) opening balance has plunged about 72 percent, falling to $68.332 billion as of May 18, according to the Daily Treasury Statement.

This chart depicts how much it is sinking:

What happens next will be interesting, to say the least.

Will a default bring in the four horsemen of the apocalypse? Time will tell.