Blend sugar and butter in a mixing bowl; add pumpkin, milk and eggs. Set aside. Combine flour, baking soda, baking powder, salt and spices in another bowl; stir into pumpkin mixture. Add raisins and nuts. Spoon into 2 greased 8"x4" loaf pans. Bake at 350 degrees for one hour and 10 minutes, until a toothpick comes out clean. Make 2 loaves.