Add onion, thyme, white and cayenne peppers; cook until onions are tender, 3 to 4 minutes.
Combine chicken broth, beer and 2 tablespoons corn starch, stirring until corn starch is dissolved.
Add to pot and bring to a boil. Reduce heat. SIMMER 5 minutes.
Add cream. TOSS cheese with 1 tablespoon corn starch. Gradually add cheese to soup, stirring until melted before adding more cheese. If desired, add hot sauce. SERVE immediately. Delicious served with Peppered Parmesan Shortbread.