Party Meatballs

2 eggs, beaten
1 can (12 oz) evaporated milk
2 cups quick-cooking oats
1 cup finely chopped onion
2 tsp salt
2 tsp chili powder
1/2 tsp garlic powder
1/2 tsp pepper
3 lbs ground beef

Sauce:
2 cups ketchup
1 1/2 cups packed brown sugar
1/2 cup chopped onion

In a large bowl, combine the first eight ingredients.  Crumble beef over mixture and mix well.  Shape into 1" balls.  Place in three greased 9x13 baking dishes. 

Combine the sauce ingredients; pour over meatballs.  Bake, uncovered, at 325 degrees for 1 hour or until meat is no longer pink.