To make the cake: Spray a bundt pan with non stick cooking spray, and preheat the oven to 350 degrees. Beat together eggs, oil and sugar for about one minute. Sift together flour, baking soda, baking powder, salt, cinnamon and nutmeg. Slowly add to sugar mixture, incorporating as you go. When it is completely mixed in, fold in carrots and raisins. Pour into prepared pan and bake for one hour, or until toothpick inserted in center comes out clean. Invert onto a plate, and cool.

To Make the Frosting: In a medium bowl, blend softened cream cheese and butter til smooth and creamy. Add vanilla. Then add powdered sugar until desired consistency is achieved. (you may need to add more to achieve this) Frost cake. Refrigerate uneaten cake.