Sounds like something blocking the main jet circuit or possibly lack of fuel entering the bowl.
Be sure you have good flow of fuel to the carb.
If the flow is good, take the carb back apart and go over everything again. If you have the instruction sheet follow it closely, especially the float level setting.
Knowing the basic theory of each circuit of fuel delivery helps. Might search the carb model under "images" and get a cut away view of how it works.
Doesn't sound like a vacuum leak. If it is a vacuum leak, it would be a very bad leak, you should hear it. The throttle bushing would have to be severely worn to cause this, not likely. The governor would have no effect on the mixture, just the engine speed in relation to throttle position.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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