I had fun with this! It is also a Rainbow cake inside! 5 layers of yummy goodness!
I found the recipe at Glorious Treats . (The vanilla cake part, not the Rainbow idea) Instead of the cupcakes I made a cake. The icing I used was just Betty Crocker Whipped Vanilla. I added a pack of Cherry Kool-aid to turn it pink. (Instead of food coloring!)
I used bamboo skewer sticks for the banner. For the lettering, I used the Songbird Cartridge on the Cricut. And a 2" scallop punch for the bottom trim.