Place bulgur in a large bowl; stir in boiling water. Cover and let stand for 30 minutes or until most of the liquid is absorbed. Drain and squeeze dry.
In a large saucepan, saute green peppers and onion in oil until tender. Stir in the bulgur, tomato juice, beans, tomatoes, tomato sauce, water, chili powder, garlic, cumin and cayenne. Bring to a boil. Reduce heat; cover & simmer fro 20-25 minutes or until heated through. Garnish with cheese, finely sliced sweet peppers & minced fresh cilantro if desired.