I assume you are speaking on the traction side of things. I think the spec of the bolt may be grade 8 from the description.(MT01X193MA BOLT-HEX.25-20x1.75 G8YZ)
I've seen that before when they develop wear in the sprocket, chain, bushings etc. Which means you may need to correct the slop, increase the size of the bolt, or add touch of weld depending on how involved you want to get.

Would they really use a grade 8 bolt in the drive???

Any idea what grade is used for the augers?

There are some softer auger shear bolts, but many are normal grade 2- some ringed. Toro drum augers used grade 5, but were the exception. The name slips me, but the older big Toros used to use the double roll pin. Worked great until things got too sloppy like the op's. Can't think of a reason for a shear style bolt on the traction side of things.

Well then, why pay big bucks for a 10 cent bolt? The shoulder bolt type, used on the Japanese machines really hit the wallet and as was said, when there is a little wear, they break easier.

Fortunately, for me, I have a large supply of sheer pins that we use on our coal boilers, rated about 60 foot pounds that work well in the Japanese model we have at work. Insert the pin, bend the end over, and viola! (Until I hit the next raised section of sidewalk)

I am haveing a problem with my craftsman 5.5hp 2 stage snowblower model number 536.886121. My traction belt keeps slipping half way off for a while then completly.. also my blower is only throwing snow about 4feet!! i just replaced the auger belt and gave the snow shoot a new paint job and still only throws it the same!! just doesnt get clogged as easily!! any suggestions would be a big help thanks

Joe Craw: slike your Pulleys are not properly aligned or there is a bearing issue causing misalignment since the shaft is loose causing a wobble situation. As for the Impeller discharge check the Auger and Impeller Belts are they tight , if not then slipping especially on wet or heavier snow will cause your problem and also partially clog your chute.