Preheat your oven to 350 degrees and spray two 9-inch cake pans with cooking spray. Set aside.
In a bowl combine the flour, sugar, pumpkin spice, baking soda, baking powder, and salt. Add the tomato soup, water, butter and egg and beat with an electric mixer until light and fluffy, about 4 minutes. Fold in the raisins.
Pour into the two prepared baking pans and cook until a toothpick inserted in the center comes out clean, about 25-30 minutes. Let cool completely
For the Frosting
In a medium bowl whip the cream cheese until creamy. Add in the milk, vanilla extract, and powdered sugar and beat until smooth and creamy. Frost the cake and serve.