Brown ground beef in large skillet or pan over medium heat until thoroughly cooked, stirring frequently. Drain. Add Old El Paso Taco Seasoning Mix, water, and tomato soup, and mix well. Bring to a boil. Reduce heat to low and simmer for 3 minutes. Remove from heat.
Separate dough from biscuits into 8 biscuits. Cut each biscuit into 8 pieces. Add to ground beef mixture. Stir gently.
Spoon mixture into ungreased 13x9-inch pan. Bake 18-23 minutes or until sauce is bubbly and biscuits are golden brown. Remove from oven.
Sprinkle with cheese. Return to oven. Bake until cheese is bubbly.