White Velvet Cutouts

Ingredients

• 2 cups butter, softened
• 1 package (8 ounces) cream cheese, softened
• 2 cups sugar
• 2 large egg yolks, room temperature
• 1 teaspoon vanilla extract
• 4-1/2 cups all-purpose flour
• FROSTING:
• 3 tablespoons butter, softened
• 1 tablespoon shortening
• 1/2 teaspoon vanilla extract
• 3-1/2 cups confectioners' sugar
• 4 to 5 tablespoons 2% milk
• Food coloring, optional