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Step 1
Preheat oven to 350 degrees F. Coat a 3-quart casserole dish with cooking spray.
Step 2
In a large bowl, whisk together the condensed milk, eggs, 1 teaspoon vanilla, the cinnamon, and salt. Stir in raisins and doughnut cubes. Let sit 5 to 10 minutes, or until most of the liquid is absorbed. Pour mixture into casserole dish and cover with aluminum foil.
Step 3
Bake 40 minutes. Remove foil and bake 10 additional minutes, or until set in center.
Step 4
Meanwhile, in a small bowl, combine remaining ingredients including remaining vanilla, until smooth. Pour over bread pudding and serve.