Bring water, potato, carrots, boullion, salt and onion to a boil

Reduce heat, cover and simmer 15 minutes or until potatoes tender

Add 2 cups milk and hamburger and heat thoroughly.

Mix 3 tablespoons flour, 1/2 cup milk, cayenne pepper, and gradually add to heated mixture

Bring to a boil and heat for 2 minutes or until thick

Add cubed Velveeta and heat mixture.

Add crumbled bacon on top.