Preheat oven to 350°F. Spray two 9x5-inch loaf pans with baking spray. Combine flour, baking powder, baking soda, cinnamon, nutmeg and salt in medium bowl; set aside.
Mix sugar and Fleischmann’s together in large bowl with electric mixer on medium speed for 2 minutes. Add pumpkin, Egg Beaters and water; mix for 1 minute. Blend in flour mixture with a spoon, just until moistened. Stir in raisins. Divide batter between 2 prepared pans.
Bake 60-65 minutes, or until wooden pick inserted into center of loaves comes out clean. Cool in pans 10 minutes, then turn out onto wire rack to cool completely. Using serrated knife, cut each loaf into 12 slices to serve.