In a large mixing bowl, combine the first seven ingredients. Beat on low speed for 30 seconds; beat on medium for 4 minutes.
Pour into a greased and floured 10-in. fluted tube pan. Bake at 350'F for 50-55 minutes or until a wooden pick inserted near the center comes out clean.
Cool in pan for 15 minutes before removing to a wire rack to cool completely.
To make the glaze, combine the powdered sugar with 1 tbsp of water or milk and mix until smooth. If it is too thick, add the second tbsp of liquid and mix until the desired consistency. Slowly drizzle over the top of the cake.