Cook pasta in boiling water 7 minutes; add asparagus; cook 2 minutes or until pasta is al dente and asparagus is crisp-tender. Drain.
Combine milk, salt, black pepper, eggs, and garlic in a Dutch oven, stirring with a whisk until well blended. Add pasta mixture; cook over medium heat for 3 minutes or until slightly thick and creamy, stirring constantly. Add cheeses, parsley, and red pepper; cook for 1 1/2 minutes or until cheese melts, stirring constantly. Serve immediately.