Abstract : The problem of counting the vacuum states in the supersymmetric 3d Yang-Mills-Chern-Simons theory is reconsidered. We resolve the controversy between its original calculation by Witten at large volumes and the calculation based on the evaluation of the effective Lagrangian in the small volume limit. We show that the latter calculation suffers from uncertainties associated with the singularities in the moduli space of classical vacua where the Born-Oppenheimer approximation breaks down. We also show that these singularities can be accurately treated in the Hamiltonian Born-Oppenheimer method, where one has to match carefully the effective wave functions on the Abelian valley and the wave functions of reduced non-Abelian QM theory near the singularities. This gives the same result as original Witten's calculation.