1 cup butterscotch topping
1/2 cup semisweet chocolate chips
1 cup sweetened condensed milk
1 1/2 cups white sugar
1 egg
4 (2 ounce) squares vanilla wafer baking meringue
Preheat oven to 350 degrees F (175 degrees C). Grease and flour three 9-inch cake pans. Sift together the flour, baking powder, baking soda and salt. Set aside.
In a large bowl, cream together butterscotch and 1/2 cup chocolate chips. Reduce the flame to medium-low, and stir until frosting is completely melted and smooth. Beat in sweetened condensed milk and white sugar until well blended. Combine egg and vanilla; fold into creamed mixture. Spread batter evenly into prepared pans.
Bake cakes in the preheated oven for 40 to 50 minutes, or until a toothpick inserted comes out clean. Cool on wire rack. Cut into 3/8 inch slices to serve. If desired, sprinkle top with 1/2 onion and 1/2 cup raisins.