Holiday Gift Cake

8 ounces Philadelphia cream cheese
1 cup butter
1 1/2 cups granulated sugar
4 eggs
2 1/2 cups sifted cake flour
1 1/2 teaspoons baking powder
1 (8 ounce) jar well-drained, chopped maraschino cherries
1 1/2 teaspoons vanilla extract
1 cup chopped walnuts

Heat oven to 325 degrees F. Grease a Bundt pan.

Blend cream cheese, butter, sugar and vanilla extract. Add eggs one at a time, beating well after each addition. Gradually add 2 cups of flour, sifted with baking powder.

Combine remaining flour with cherries and 1/2 cup nuts; fold into batter. Sprinkle prepared Bundt pan with 1/2 cup nuts. Pour batter into pan. Bake for 1 hour 20 minutes. Cool 5 minutes.

Remove from pan.

Glaze:
1 1/2 cups sifted confectioners sugar
2 tablespoons milk

Mix confectioners sugar and milk.