Classic Christmas Cake - Totally Rad Christmas!

Ingredients

• 1 package (8 oz) cream cheese, softened
• 1 cup butter or margarine, softened
• 1½ cups granulated sugar
• 1½ teaspoons vanilla
• 1½ teaspoons ground cinnamon
• ¼ teaspoon ground nutmeg
• 4 eggs
• 2¼ cups sifted cake flour
• 1½ teaspoons baking powder
• 1 jar (8 oz) maraschino cherries, drained and chopped
• 1 cup finely chopped pecans
• 1½ cups powdered sugar
• 2 tablespoons milk
• Pecan halves and red and green candied cherries for garnish