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COOK and stir green pepper and onion in butter in medium skillet on medium heat until tender.
ADD cream cheese and milk. Reduce heat to low; cook until cream cheese is completely melted, stirring frequently. Remove from heat; set aside.
BRING water to boil in medium saucepan on medium-high heat. Add bouillon; stir until dissolved. Reduce heat to low. Gradually stir in cream cheese mixture. Add remaining ingredients; mix well. Cook until heated through, stirring frequently. (Do not boil.)