Cook ground chuck and sausage in a large Dutch oven, stirring until mixture crumbles and is no longer pink. Drain well on paper towels. Wipe Dutch oven clean.
Sauté bell pepper, onion, and mushrooms in hot oil in Dutch oven over medium-high heat 11 to 12 minutes or until pepper is tender and liquid is slightly reduced. Stir in beef mixture, spaghetti sauce, parsley, and basil. Bring to a boil, stirring occasionally; add salt and pepper to taste. Reduce heat, and simmer, uncovered, 15 minutes.