In a dutch oven or soup pot, cook beef and Italian sausage over medium heat until no longer pink. Drain and set aside.
In same pan saute', garlic, onion, carrots, green pepper, celery, basil and parsley in 2 tablespoons butter until vegetables are tender, about 10 minutes.
Add broth, diced tomatoes, potatoes and ground beef/sausage mixture.
Bring to a boil. Reduce heat; cover and simmer 15 minutes. Reduce heat to low, add cheese, milk, hot sauce, salt and pepper; cook and stir until cheese melts, 10 to 15 minutes.