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1. Heat oven to 325 degree F. Grease and lightly flour a 12-cup bundt pan. With an electric mixer at low speed, blend all cake ingredients in a large bowl until just combined, then continue beating on medium speed 3 minutes more. Pour into prepared pan and bake until a toothpick inserted in center of cake comes out clean, 40 to 50 minutes. Transfer to a wire rack.Make glaze::
2. Whisk 2 cups sugar with lemon juice until smooth. Set aside 1/4 cup of this glaze. With cake still in pan, poke holes in top with a skewer, about one every inch. Pour half of the glaze over hot cake. Let stand 15 minutes. Invert cake onto a serving plate and brush the top and sides with remaining glaze. Let cool.
3. Blend remaining confectioners' sugar with the 1/4 cup reserved glaze until smooth and pourable (add a few drops of water if necessary). Drizzle over cake.