Billionaire hedge fund manager Paul Tudor Jones told CNBC Tuesday unless the government gets serious about cutting spending, the consequences will be dire.

“We’re going to be broke really quickly unless we get serious about dealing with our spending issues,” Jones said.

Jones, who runs Tudor Investment Corporation, said increased government spending could cause a sell-off in the bond market, leading to increased interest rates. Jones said he will not own fixed income assets and will bet against the longer-dated part of the bond market. Read on Newsmax.