Heat 2 Tablespoons olive oil in a large saucepan over low heat and cook onions, stirring frequently, until caramelized 10-15 minutes. Season with salt and pepper. While the onions caramelize, bring a large pot of salted water to boil and cook pasta according to package instructions, or until al dente. Drain the pasta, reserving 1/4 cup cooking water, and return pasta to pot over medium low heat. Gently stir in cubed Velveeta, heavy cream, and butter, then season generously with salt and pepper, and add in nutmeg. Fold in caramelized onions and sprinkle in 1/2 crumbled bacon. Transfer to serving bowls and serve hot, garnished with parmesan cheese.
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