Earl,
Pull the carb, and fill it with fuel. In a vented area (you knew that). Watch to see where the fuel is coming from. Could be a Metering plate gasket, or most likely, it'd be a ruptured power valve as Ted said. That's pretty common on holleys and those are the symptoms.
Holley has had a number of QC issues lately, including warped metering blocks. The die caster was not checking the parts and pulling them from the die while they were too hot. They can warp or bend in that condition.
Frank/Rebop
Bristol, In ( by Elkhart) 
