In a bowl, mix the softened cream cheese and sugar until well combined. Spread cream cheese mixture over 6 slices of bread. Place these 6 slices in a sprayed 9x13-inch baking dish cream cheese side up. Top with remaining 6 slices of bread. In a large bowl, combine eggs and egg nog and whisk until well blended. Pour evenly over bread slices. Gently press bread slices down with the back of a wooden spoon. Cover and refrigerate overnight or at least 8 hours. Remove from refrigerator 30 minutes before baking. Uncover dish and sprinkle with nutmeg. Bake at 350°F 40-45 minutes. Serve warm with Cranberry Orange Syrup.
Cranberry Orange Syrup:
16 ounces jellied cranberry sauce
1/4 cup sugar
1/2 cup orange juice
Combine ingredients in a saucepan. Cook over medium heat, stirring occasionally until sauce is melted and mixture comes to a boil.