Ultimate Baked Potato Soup

INGREDIENTS
8 thin strips of bacon (chopped)
4 cups chicken broth (1 quart)
1 1/2 lbs russet or baking potatoes (peeled and diced (2 ½ cups))
1 large yellow or white onion (peeled and chopped (1 ½ cups))
1 tsp dried basil
1 tsp table salt
Several dashes of thin hot red chile sauce (such as Tabasco sauce)
1 cup heavy or light cream
1 cup whole or low-­fat milk (do not use fat- free)
1 cup instant mashed potato flakes
8 oz shredded American mild cheddar cheese (½ pound, 2 cups)
minced scallions (green part only, for garnishing)
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