Hello,
I have '01 model # 120602-0153 of the above engine on a Craftsman self propelled mower. Please allow 2 questions:
1. Let it sit up last year, so pulled carb, ordered carb overhaul kit, needle, seat,float,gaskets. Runs good now, but there is gas pouring out and on the deck near the back end of the motor.

2. Is The bolt on the bottom of the carb supposed to be adjusted a certain way?
Thanks for any help. :)

bumping

My guess is a leaking fuel line, or you have a plastic gas tank that is leaking at the seam, which is common on some of the models with the tank surrounding the engine over time,fix with plastic glue gun or replace tank or fix gas line, probably one or the other.
http://www.smallenginetrblshtng.com/sitemap.html

So no where near the muffler? Or air filter?

You could check for cracks in the gastank, you could use jb weld on it if it is.

Thanks guys,
I believe that is what it is, because it only does it when the tank is full.