Meanwhile, cook and stir onions and peppers in Dutch oven or large deep skillet sprayed with cooking spray on medium-high heat 3 to 4 min. or until crisp-tender. Stir in tomatoes, broth and tomato paste. Bring to boil; simmer on low heat 10 min., stirring occasionally. Add Velveeta
; cook 1 min. or until Velveeta
is completely melted and sauce is well blended, stirring frequently.