It sounds like the float may be stuck in the open position to me as well. The float is connected to a pin that opens and closes a valve to allow gas to enter the carb. What is probably happening is there is some varnish or debris that is causing that pin to stick. I would suggest removing the carb - taking apart each individual part, jet, etc. and cleaning them with some good carb cleaner. Let them soak for hours. I always like to buy new jets because sometimes theya re hard to get 100% cleaned ( they are cheap too)
-Good luck
-Good luck