1/4 lb. butter
1 (8 oz.) pkg. cream cheese
1 1/4 c. granulated sugar
2 eggs
1 tsp. vanilla
2 c. flour
1/2 tsp. baking soda
2 tsp. baking powder
1/2 tsp. salt
1/2 c. milk

Cream butter with cream cheese. Add sugar and blend until light and fluffy. Beat in eggs (one at a time). Add vanilla. Add remaining ingredients alternately with milk. Beat about 5 minutes.

Pour batter into well greased tube pan and bake 350 degrees 45 minutes. Sprinkle with powdered sugar when cool.