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To make the cream cheese glaze, combine cream cheese, confectioners’ sugar, milk and vanilla in a small bowl until smooth; set aside.
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To make the cinnamon sugar, combine sugar, brown sugar and cinnamon; set aside.
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In a large bowl, whisk together eggs, milk, vanilla and nutmeg. Working one at a time, dip bread slices into the egg mixture.
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Melt butter in a large skillet over medium high heat.
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Working in batches, add bread slices to the skillet, 1-2 at a time, and cook until evenly golden brown, about 1-2 minutes on each side. Working quickly, coat each bread slice with cinnamon sugar.
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Serve immediately, drizzled with cream cheese glaze.
