Preheat oven to 350°. Spray a 12- to 15-cup Bundt pan with baking spray with flour.
In a large bowl, beat butter and sugars with a mixer at medium speed until fluffy, 3 to 4 minutes, stopping to scrape bowl. Add eggs, one at a time, beating well after each addition.
In another large bowl, whisk together oats, flour, baking powder, cinnamon, and nutmeg. Gradually add oat mixture to butter mixture, beating just until combined. Beat in ½ cup milk and applesauce until combined. Stir in raisins and walnuts. Pour batter into prepared pan.
Bake until a wooden pick inserted near center comes out clean, 40 to minutes. Let cool in pan for
minutes. Remove from pan, and let cool completely on a wire rack.
In a small bowl, whisk together confectioners’ sugar and remaining 3 tablespoons milk; drizzle onto cooled cake. Let stand until glaze is set, about 20 minutes. Cover and refrigerate for up to 3 days.
Recipe by Paula Deen Magazine at https://pauladeenmagazine.com/oatmeal-raisin-cake-recipe/