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Heat oil in large saucepan or Dutch oven on medium heat.
Add onion and green pepper. Cook and stir until tender.
Add meat. Cook until browned, stirring occasionally.
Stir in tomatoes, tomato sauce, chili powder, salt, black pepper and hot pepper sauce (if used). Bring to a boil. Reduce heat to low. Simmer 45 minutes, stirring occasionally.
Add beans. Heat thoroughly, stirring occasionally.