Thoroughly cream together cream cheese, butter, sugar and vanilla. Add eggs one at a time, mixing well after each addition. Gradually add 2 cups flour and baking powder. Combine remaining 1/4 cup flour with cranberries and nuts and fold into batter. Pour into greased and floured tube pan and bake at 350 degrees F for 1 hour and 15 minutes. Let stand for 5 minutes before removing from pan. Dust with confectioners' sugar.