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1. Liberally grease a 9 x 13 x 2 inch pan with softened butter.
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2. Combine the Rice Krispies cereal and 2 cups of the crushed pretzels in a large bowl, set to the side.
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3. In the top of a double boiler (with simmering water in the bottom pan) melt the butter and caramel bits. Or you can put it in a large microwave safe bowl and microwave on high for about 50 seconds.
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4. When the caramel bits are melted halfway, add the marshmallows and stir until smooth. If you are doing it in the microwave, add the marshmallows and return bowl the microwave for about 1 1/2 minutes, stirring after 45 seconds.
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5. Add the vanilla extract to the marshmallow mixture.
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6. Pour half of the marshmallow mixture over the cereal and pretzels. Give it a stir to incorporate.
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7. Pour in the remaining marshmallow mixture and stir until everything is completely combined.
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8. Pour the mixture into the greased pan. Put a little butter or cooking spray on your fingers to keep them from sticking and use your fingers to press the mixture evenly into the pan.
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9. In the (clean) top of the double boiler melt the semi-sweet chocolate. Or you can melt it in the microwave. Heat on high for 30 seconds then stir, and then put back in the microwave for only 10 seconds at a time, stirring each time. Stop once melted.
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10. Pour the melted chocolate over the Rice Krispy Treats, and use a spatula to spread the chocolate evenly over the top. Immediately sprinkle the remaining 1/2 cup of pretzels over the melted chocolate.
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11. Cut into squares once the chocolate has set. To speed up the setting of the chocolate, you can put the pan of treats into the refrigerator for 20 to 30 minutes.
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Note: If you cannot find caramel bits, wrapped caramels can be substituted.
