Saute peppers and onions in 1 tbsp. margarine or butter in a 7" skillet.Remove vegetables from the skillet.Melt remaining butter or margarine in the skillet over low heat.Add combined eggs and milk.As eggs set,lift edges,slightly,with a spatula to allow uncooked portion to flow underneath.When eggs are set but the top is still moist,place 1/2 cup process cheese spread and 1/4 cup of the vegetables on half of the omelet.Slip spatula underneath,tip the skillet to loosen and gently fold in half.Top with the remaining process cheese spread and vegetables.Cover 2 to 3 minutes or until process cheese spread begins to melt.Total cooking time should be 10 minutes.Makes 2 servings.