Hearty Taco Dip

(Courtesy of Taste of Home)

Ingredients:
1 lb. ground beef
1 medium onion, chopped
Dash pepper
1 lb. processed cheese (Velveeta), cubed
1 bottle (8 oz.) taco sauce
1/4 c. water
1 medium tomato, chopped 
1 medium green pepper, chopped
1 can (2 1/4 oz.) sliced ripe olives, drained
Tortilla chips

Directions:
In a large saucepan over medium heat, cook beef, onion and pepper until meat is no longer pink; drain.  Add the cheese, taco sauce and water; stir until cheese is melted.  Stir in the tomato, green pepper and olives.  Serve warm with chips.