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.