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 butter, sugar, vanilla and orange extracts. Beat for 3 minutes on medium-high speed stopping to scrape the sides of the bowl periodically.

Add the eggs one at a time beating well after each addition.

In a separate bowl, sift together the 2 1/2 cups flour, baking powder and salt.

Lower the speed of the mixer and add the sifted dry ingredients alternately with the sweetened condensed milk beginning and ending with flour.

After all has been added beat for 30-45 seconds.

In a bowl toss the cranberries with 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. Bounce to settle the batter..

Place into the oven and bake for 1 hour or until 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 15 minutes then carefully invert onto a cooling rack.Cool completely.

To glaze, mix 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 chilled until serving.