Preheat the oven to 350°F. Butter and flour a Bundt pan or spray liberally with baking spray. Set aside.
Using an electric mixer cream together the softened butter, sugar, vanilla and orange extracts. Beat for 2-3 minutes on medium-high speed until fluffy. Stop to scrape the sides of the bowl periodically.
Lower the speed of the mixer and add the eggs one at a time beating well after each addition.
In a separate medium bowl use a whisk to sift together 2 1/2 cups flour, baking powder and salt.
Lower the speed of the mixer and add the sifted flour mixture alternately with the sweetened condensed milk, beginning and ending with flour.
After all has been added beat for 30 seconds to fully combine.
In a small bowl toss the cranberries with reserved 2 Tbsp flour.
Use a large spoon or spatula to fold the cranberries and orange zest into the batter until evenly distributed. Pour evenly into Bundt pan.
Transfer to the oven and bake for 1 hour or until golden brown and a toothpick inserted into the center comes back clean. Check at 40 minutes and lay a piece of aluminum foil on top to prevent over browning, if needed.
Cool in the pan for 10 minutes then carefully invert onto a wire rack. Cool completely.
Glaze: Stir together the powdered sugar, heavy cream, orange extract and enough orange juice to thin to drizzling consistency. Drizzle over cooled cake.
Garnish with additional orange zest. Store in an airtight container chilled in the refrigerator until serving.