Toss the cranberries, figs, orange peel, red and green cherries and 3/4 cup bourbon in a bowl. Cover and let soak 1 hour.
Position racks in the upper and lower thirds of the oven; preheat to 350 degrees F. Line 2 baking sheets with parchment paper. Whisk the flour, baking powder, salt, cloves and nutmeg in a medium bowl. Beat the butter and brown sugar in a large bowl with a mixer on medium speed until light, 1 to 2 minutes. Beat in the eggs one at a time. Reduce the mixer speed to low; beat in the flour mixture until combined, then beat in the walnuts and dried fruit mixture (the dough will be sticky).
Butter your hands and divide the dough in half. Shape each half into a 4-by-12-inch log on a separate baking sheet. Bake, switching the pans halfway through, until the logs are golden around the edges, 35 minutes. Let cool 15 minutes on the baking sheets. Reduce the oven temperature to 300 degrees F.
Transfer the logs to a cutting board. Using a serrated knife, slice crosswise into 1/2-inch-wide pieces. Arrange the slices cut-side down on the baking sheets. Bake, switching the pans and flipping the biscotti halfway through, until browned and crisp, about 1 hour. Transfer to racks to cool completely.
Whisk the confectioners' sugar and the remaining 2 tablespoons bourbon in a bowl; drizzle on the biscotti. Let set 15 minutes.