Heat oven to 350° F. Grease 1-1/2 quart baking dish.
Combine bread cubes and raisins in baking dish.
Heat milk and butter until butter is melted (do not boil).
Combine eggs, sugar, vanilla, salt, cinnamon and nutmeg; blend well. Add hot milk mixture to egg mixture, stirring constantly.
Pour over bread and raisin mixture. Let stand 5 minutes. Sprinkle with additional nutmeg, if desired.
Bake uncovered for 50 minutes or until knife inserted in center comes out clean. If desired, baked pudding can be made several days ahead. Cover and refrigerate.
Reheat in 325° F oven for 15 minutes.
Prepare Spirited Sauce. Serve warm over bread pudding.
In saucepan, combine all sauce ingredients. Cook over low heat, stirring constantly, about 3 minutes.