Crisp Chocolate Caramel Bars

1-1/4 cups flour 1/2 cup powdered sugar 1/2 cup butter, chilled 14-oz. pkg. caramels 1/3 cup milk 1/4 cup butter 1 cup semisweet chocolate chips 1 cup milk chocolate chips 4 Tbsp. butter 1-3/4 cups crisp rice cereal Preheat oven to 350 degrees. Combine flour and powdered sugar in large bowl and mix well. Cut in 1/2 cup chilled butter until particles are fine and butter is well distributed. Press into a 13x9" pan and bake at 350 degrees for 10-12 minutes until light golden brown. In heavy skillet, melt caramels, milk, and 1/4 cup butter over low heat, stirring frequently until melted and smooth. Spread over baked crust. In another saucepan, melt chocolate chips and butter, stirring until smooth. Stir in cereal. Drop this mixture by spoonfuls over caramel and carefully spread to cover. Cool completely. 48 bars