To prepare pudding, spread 2 tablespoons butter onto bottom and sides of a 13 x 9-inch baking dish. Set aside.
Heat milk in a heavy saucepan over medium-high heat to 180 or until tiny bubbles form around edge (do not boil).
Place bread in a large bowl; pour hot milk over bread.
Combine 2 cups sugar and next 3 ingredients (through 1 egg) in a medium bowl, stirring with a whisk until well blended. Gradually add the egg mixture to milk mixture, stirring constantly with a whisk. Stir in raisins; pour into prepared dish.
Place dish in a roasting pan; add hot water to pan to a depth of 1/2 inch.
Bake at 350 for 50 minutes or until browned and set.
To prepare sauce, combine 3/4 cup sugar, 6 tablespoons butter, and 1 egg in a small, heavy saucepan over low heat. Cook 4 minutes or until a candy thermometer registers 165 and mixture is thick, stirring constantly.
