Bring 3 cups water to boil in large saucepan on medium-high heat.
Add carrots; simmer on medium-low heat 8 min.
Add broccoli; simmer 3 min. or until vegetables are crisp-tender. Meanwhile, mix cracker crumbs, Parmesan and butter until blended.
Microwave VELVEETA and cream cheese in 2-cup microwaveable measuring cup on HIGH 1 min.; stir. Microwave 30 sec. or until VELVEETA and cream cheese are completely melted and mixture is well blended when stirred.
Drain vegetables; place in serving bowl. Top with cheese sauce; sprinkle with crumb mixture.