You mean it only produces 32 bit code? This disagrees (http://msdn.microsoft.com/en-US/library/x4d2c09s(v=vs.80).as...) going back to at least 2005.
The following list describes the various versions of cl.exe (the Visual C++ compiler):
...
x64 on x86 (x64 cross-compiler) Allows you to create output files for x64. This version of cl.exe runs as a 32-bit process, native on an x86 machine and under WOW64 on a 64-bit Widows operating system.