Heat olive oil in a large stockpot or Dutch oven over medium high heat. Add ground beef and cook until beef has browned making sure to crumble the beef as it cooks. Drain excess fat and stir in taco seasoning.
Stir in Ro*Tel tomatoes, tomato paste, spaghetti and 3 cups water; bring to a boil, cover, reduce heat and simmer until pasta is cooked through, about 13 to16 minutes.
Remove from heat and top with cheeses; cover until melted.
Serve immediately, garnished with tomato and cilantro, if desired.