Aunt Elaine's Chocolate Chip Coffeecake

1 stick butter
1 8-ounce package cream cheese
1 1/4 cup sugar
2 eggs
1 teaspoon vanilla
2 cups flour
1 teaspoon baking power
1/2 baking soda
1/4 teaspoon salt
1/4 cup cold milk
1 6-ounce package chocolate chips

Topping:
1/4 cup sugar
1 teaspoon cinnamon
1/4 cup chopped walnuts

Preheat oven to 350 degrees. Grease a 9 by 13 pan. Cream butter, cream cheese and sugar. Add eggs one at a time, beating well. Add vanilla, flour, baking powder, baking soda and salt; mix well. Stir in milk and chocolate chips. baking soda and salt; mix well; stir in cold milk and cihps. It will be thick. Pour in greased pan. Sprinkle cake with topping.