Preheat oven to 350 degrees.
In a large skillet, brown ground beef with diced red bell pepper and onion. Drain grease.
1 pound Ground Beef, 1/2 cup Red Bell Pepper, 1/2 small Onion
Add taco seasoning, water, salsa and hot sauce to the beef mixture and simmer for 5 minutes over medium heat.
1 packet Taco Seasoning, 1/4 cup Water, 1 cup Salsa, 2-3 dashes Hot Sauce
Blend cottage cheese and softened cream cheese in a blender or food processor until the mixture is smooth.
4 ounce Cream Cheese, 4 ounces Blended Cottage Cheese
Add cottage cheese mixture and half of both the Monterey Jack and Cheddar Cheese. Stir until everything is mixed well. Transfer dip to a 8 or 9 inch baking dish and add the remainder of the cheese to the top of the dip.
1 cup Monterey Jack Cheese, 1 cup Cheddar Cheese
Bake at 350 degrees for 20 minutes or until the dip is hot and bubbly.
Serve immediately with tortilla chips.