Preheat oven to 350°. With a mixer on medium speed, cream together cream cheese and butter until light and fluffy. Add cayenne, blue cheese, flour, rice cereal, and bacon (if using) and beat on medium-low speed until well blended. The dough will be stiff.
Roll 1-tablespoon portions into balls and place slightly apart on baking sheets. Flatten each ball with a fork.
Bake until crackers are golden brown, 12 to 15 minutes.