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1
For the cake: Preheat the oven to 350 degrees, with the rack in the middle. Line the bottom of a 10-inch tube pan with parchment and coat the pan and paper with nonstick spray.
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2
Cut the butter and shortening into thick slices and add to an electric mixer fitted with the paddle attachment. Cream for 3 or 4 minutes on medium speed, then add the sugars, 1/2 cup at a time, beating 1 to 2 minutes between each addition. Add the eggs one at a time, and beat 1 to 2 minutes between each addition.
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3
Whisk the flour and baking powder together. With the mixer on low speed, add the flour mixture and milk, alternately, to the batter, in 3 additions. Raise speed and mix for an additional minute. Lower speed again, add the vanilla, and beat another minute.
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4
Scrape batter into the prepared tube pan. Bake for 70 minutes, or until a skewer inserted close to the center withdraws clean. Cool in the pan for 15 minutes, then invert onto a wire rack. Cool completely before frosting.
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5
For frosting: Wash the mixing bowl and paddle, then re-attach to the mixer. Cream the butter and cream cheese on medium speed until light and creamy, then add the vanilla. Add the powdered sugar 1/2 cup at a time, beating until smooth after each addition. When cake is completely cool, frost.
