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In the pressure cooking pot, combine 1 can of beef broth and frozen ground beef. Add the vegetable oil, onion, carrots, celery, parsley, basil, salt, and pepper.
Put a steamer basket in the cooking pot. Add the diced potatoes. Lock the lid in place. Select High Pressure and set the cook time for 5 minutes.
When the cook time ends, allow the pressure to release naturally for 5 minutes, then use a quick pressure release. Carefully remove the potatoes and steamer basket from the pressure cooking pot and set aside.
Use a meat chopper or potato masher to break up the beef. Select Sauté and cook, stirring occasionally, about 2 to 3 minutes.
In a small bowl, whisk the cornstarch and cold water until smooth. Add the slurry to the pot, stirring constantly until the soup thickens.
Add the cheddar a handful at a time, and stir until the cheese melts. Add the remaining can of broth and stir to combine. Stir in the heavy cream and heat through—do not bring to a boil. Season with additional salt and pepper to taste.
Return the potatoes to the pot and stir to combine. Serve immediately, garnished with bacon bits and additional salt and pepper if desired.