Calculate font-size required for text to fill desired space

HTML

<div id="element"></div>

CSS

#element {
  font-family: sans-serif;
  //white-space: nowrap;
  height: 130px;
  width: 500px;
}

JavaScript

var x = 1;
var y = 200; //staring font-size
txt = "this text should fill the div precisely";
$('#element').html(txt)
.css('font-size', y + 'px');
var element = document.querySelector('#element');
while (x) {
    if ((element.offsetHeight < element.scrollHeight) || (element.offsetWidth < element.scrollWidth)) {
        element.style.backgroundColor = "yellow";
        element.style.fontSize = y + 'px';
        y--;
    } else {
        x = 0;
        element.style.backgroundColor = "blue";
    }
}