For bread machine, set for dough, add all first ingredients and take out when dough is ready.. otherwise, make dough and let dough set for first rising. Take dough and knead for about 1 minute; let rest for 15 minutes.
Roll dough into rectangle about 10 x 15 inches. Spread 1/3 cup margarine over dough to within 1 inch of edges. Sprinkle sugar, cinnamon, nutmeg, and raisins evenly over dough.
Roll dough up tightly on long side, press edges together to seal. With a knife, Cut roll into 1-inch pieces. Place rolls into a greased 13 x 9-inch baking pan. Cover and let rise until double in size about 30-45 minutes.
Bake in 375° F oven for 20 to 25 minutes until golden brown. (Do NOT overbake or they will be hard and dry.)
Cool in pan or on rack for about 10-15 minutes.
Drizzle with icing made by combining 1 cup powdered sugar with 1-2 Tbsp of milk and 1/2 tsp vanilla extract (blended until smooth).Servings: about 2 dozen