Preheat oven to 325°F. Prepare fluted tube pan with vegetable pan spray and flour.
In small bowl, combine flour, baking powder, cinnamon, salt, cloves and nutmeg. With electric mixer on medium speed, beat butter and sugar until light and fluffy. Add eggs one at a time, beating well after each addition. Add vanilla. Alternately add flour mixture and applesauce to butter mixture, starting and ending with flour. Mix just until combined. Fold in nuts and raisins. Pour into prepared pan.
Bake 83 to 87 minutes or until toothpick inserted in center of cake comes out clean. Cool 15 minutes in pan, remove to cooling grid; cool completely.
In small bowl, whisk together confectioners’ sugar and milk. Drizzle over cake.