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1. Let cream cheese, shredded cheese, and butter stand at room temperature for 30 minutes. Add milk and steak sauce; beat until fluffy. Cover and chill for 4 to 24 hours.
2. Shape mixture into a ball; roll in nuts. Let stand for 15 minutes. Serve with crackers. Makes 3-1/2 cups spread (56, 1-tablespoon servings).