1 c. butter
1/2 c. shortening
3 c. sugar
7 eggs
2 tsp. vanilla
1 (10 oz.) red food coloring
3 c. cake flour
1/4 tsp. salt
1 c. milk

Combine butter, shortening and sugar. Cream until light. Add eggs, one at a time, and beat well after each addition. Stir in vanilla and food coloring. Combine flour and salt. Add to creamed mixture alternately with milk, beating well. Pour into a greased tube pan and bake at 325°F for 1 hour and 20 minutes or until done. Cool and frost with Cream Cheese Frosting.

Frosting:

1/2 c. butter
2 pkg. (3 oz.) cream cheese
1 tsp. vanilla
1 lb. powdered sugar
2 tbsp. milk

Combine butter and cream cheese. Blend until smooth. Stir in vanilla; mix well. Stir in powdered sugar. Beat until creamy. Add enough milk to make frosting of spreading consistency.