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Hello, I'm Tan. Welcome to JustAnswer. I'm reviewing your question and will reply momentarily.
What do you mean floods out is it dumping fuel in the water as in carb flooding? With engine off squeeze the primer bulb does it dump fuel out the front of the carbs?
Could I get the engine model number please?
Are you loosing spark on both cylinders? Do you have an ohm meter to do some ohm tests?
In your first statement you said 90 hp now you say 40.
If you squeeze the primer bulb does it get hard?