Since you have the carb apart, hook up the fuel line to it as in normal operation. Get another pair of hands. Have the other pair squeeze the bulb while you: With the carb in it's normal position, bowl off, float hanging down, carefully push the float up toward the top (casting) of the carb until it is level with (parallel to) the mating flange where the bowl attaches.....fuel is dribbling out of the carb at this time.
When you get to and hold the float in this position, the bulb should become firm (sorta hard) and the fuel dripping from the carb should stop If it is as mentioned, then suspect something else like fuel pump or cracked line between the bulb and the tank.
If the bulb is still not firm attempt to gently continue pushing the float up into the bottom of the upper casting. If you can get it firm that way, and the flowing fuel stops, the float needs to be properly adjusted.
If it is still not firm then you could have a bad carb. needle valve/seat....under the stainless steel pin in your picture on the left side (valve that lets fuel into the bowl), or you have cracked lines somewhere between the bulb and the carb, or the check valve in the bulb is leaking.
