Melt butter in large saucepan on medium heat. Add onions and garlic; cook 3 min. or until crisp-tender, stirring frequently. Add flour; mix well. Cook 2 min. or until hot and bubbly, stirring frequently.
Stir in milk until blended; bring to boil, stirring constantly. Cook and stir 3 to 5 min. or until thickened. Simmer on low heat 5 min., stirring occasionally.
Add remaining ingredients; mix well. Cook 5 min. or until VELVEETA is completely melted and soup is heated through, stirring constantly.
Each 1-cup serving of this creamy soup provides an abundance of cheesy flavor.
How to Cube VELVEETA
Cut measured amount of VELVEETA into slices about 1/2 inch thick. Then, cut each slice crosswise in both directions to make cubes.