Sounds like the high speed circuit in the carburetor is gummed up. Can you give us the make and model of the engine?

Since the engine will still idle try a can of Gummout , or any carb cleaner.
Add the recommended amount plus a tad more.
Run your engine and try to increase the speed as much as you can.
Let the engine run for awhile then shut it down.
Wait a few hours and try it again.
If the fuel system was just gummed up you might luck out.
If there is a slug in the system ,I see a carb rebuild in you future

It's probably a carb main jet issue. Also, check the spark plug and replace if it's sooted up.

Thanks for the help and the advice. I was able to tackle half of the driveway tonight. Now I have a different problem? The auger is not turning at full speed. I cleaned out the ice inside and found a stone behind the back plate or extractor, if thats what you call it. It worked a while now I have to spin that plate to get it moving. It will then move on its own very slowly but it stops as soon as it hits snow. Any ideas?

It sounds like your belts that drive the auger and the impeller are slipping.
There should be an adjustment on the linkage from your auger lever(on the handlebar) to the pulleys that tighten the belts on your auger/impeller drive.
Shorten the linkage and you should be back in action ,if not you may need new belts.
The same hold true with your wheel drive.

Thanks for the help. I tightened the cable and the auger works fine. I was able to finish my other half of the driveway. 20" of snow blows!