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for cake, heat oven to 350°F. grease and flour 12-cup fluted ring pan.
in the bowl of an electric mixer, cream butter flavor crisco shortening, granulated sugar and eggs until creamy and slightly fluffy. add milk, flour, baking soda, baking powder, cinnamon, and salt. beat at low speed until blended, scraping bowl frequently. beat at medium speed 2 minutes. stir in carrots, raisins and nuts. spoon into pan.
bake for 50 to 55 minutes, or until wooden pick inserted in center comes out clean. cool on wire rack 5 minutes. invert onto serving dish. cool completely.
for glaze, combine cream cheese, confectioners' sugar and milk, beating until smooth and of desired consistency. drizzle over cooled cake.