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COOK sausage in large nonstick skillet on medium-high heat 5 minutes or until lightly browned, stirring occasionally.
ADD beans, tomatoes and chili powder; mix well. Stir in 2 cups water. Bring to boil.
STIR in rice and VELVEETA; cover. Reduce heat to low; simmer 5 to 7 minutes or until water is almost absorbed. Stir until VELVEETA is completely melted.