Blend together cream cheese, butter, granulated sugar, and vanilla until light. Add eggs, one at a time, beating well after each addition. Gradually add 2 cups of the flour sifted with baking powder. Toss remaining 1/4 cup flour with cranberries and nuts, and fold into batter. Pour into 2 well greased 9-inch loaf pans and bake in preheated 350°F oven for 1 hour and 20 minutes.
Combine confectioners’ sugar and milk, and drizzle over bread while still warm. Yield: Two 9-inch loaves.