Combine first 8 ingredients in a large bowl. Shape mixture into about 54 (1-inch) balls.
Cook meatballs, in batches, in a large skillet over medium-high heat until browned (about 5 minutes); remove meatballs from pan, and drain well on paper towels.
Stir together cranberry and chili sauces and next 5 ingredients in a large Dutch oven over medium heat, and cook, whisking occasionally, 5 minutes or until smooth. Add meatballs; reduce heat to low, and cook, stirring occasionally, 15 to 20 minutes or until centers are no longer pink.
Note: To make ahead, place cooked meatballs in a zip-top plastic freezer bag, and freeze up to 1 month. Thaw in refrigerator, and cook, stirring occasionally, until thoroughly heated.