Place cheeses and bacon in 5-qt. mixing bowl fitted with paddle attachment. Beat 1 min. or until well blended; set aside.
Heat oil in medium saucepan on medium heat. Add onions and garlic; saute 2 min. or until garlic just begins to brown. Add tomato juice and hot sauce; bring to boil. Reduce heat to medium-low; simmer 15 min. or until mixture is reduced by half. Add to cheese mixture; beat on low speed until well blended.
Serve immediately as a dip with the crackers. Or, cover and refrigerate until ready to serve.