Heat a Dutch oven over medium-high heat. Add oil. Add beef and next 4 ingredients; cook 3 minutes. Add broth, water, and tomatoes; bring to a boil. Stir in macaroni; cover and cook 10 minutes or until macaroni is done.
Heat milk and cream cheese in a saucepan over medium heat. Cook 4 minutes or until cheese melts, stirring frequently. Remove from heat. Stir in cheddar. Add cheese sauce to macaroni mixture; toss well to coat.