"Billionaire Paul Tudor Jones warns that excessive government spending will quickly lead us to financial trouble."

Billionaire hedge fund manager Paul Tudor Jones warns that the US is heading towards financial ruin if the government does not control its spending.

In a new interview on CNBC, the Tudor Investment Corporation founder says that either large reductions in government expenditures or the raising of taxes is necessary to reign in the US’ fiscal deficits.

However, Jones believes that presidential candidates Donald Trump and Kamala Harris are “least suited for the job ahead of them,” and likely unprepared or unwilling to make the needed adjustments, which could include slashing 20% of the federal workforce.

“We are going to be broke really quickly unless we get serious about dealing with our spending issues. I don’t know if we’ll be able to cut spending that much…

I’m saying that just to get us to the point where we stabilize debt-to-GDP to where it is right now, here’s what you need to do, you need to let the Trump tax cuts expire, that’s $390 billion. You need to raise the payroll tax on every single person by 1%, that’s another big slug… We’re clearly going to have a period of contraction which hopefully – that’s why I say, it’s going t…