The US Treasury Department has burned through cash at a historic rate in the last month - an alarming signal that may require lawmakers to intervene to prevent the country from defaulting on the national debt.

The agency, now led by former hedge fund manager Scott Bessent, has burned through $286 billion in the month of March alone.

This is the largest single-month drawdown in American history, and it's only rivaled by the Treasury spending $279 billion in August 2021 during the height of the pandemic.

The Treasury General Account (TGA), essentially the US government's checking account, now has just $280 billion left for disbursing funds for Social Security checks, government salaries and other crucial programs millions of Americans rely on.