Combine the first 8 ingredients in a large bowl. Shape the mixture into about 54 (1-inch) balls.
Cook the meatballs, in batches, in a large skillet over medium-high heat until browned (about 5 minutes); remove meatballs from the pan, and drain well on paper towels. You can also cook the meatballs in a 375°F oven for about 10 minutes.
Stir together the cranberry and chili sauces and next 5 ingredients in a large pot over medium heat, and cook, whisking occasionally, 5 minutes or until smooth. Add the cooked meatballs; reduce heat to low, and cook, stirring occasionally, 15 to 20 minutes or until centers are no longer pink.
Note: To make ahead, place cooked meatballs in a ziploc plastic freezer bag, and freeze up to 1 month. Thaw in refrigerator, and cook, stirring occasionally, until thoroughly heated.