dont know what your abilities are but if you are willing to tackle it,I will help you along to test this out.
pump the bulb up tight to fill the carbs,remove the the hose that goes from the fuel pump to the carbs.
install about a two foot long hose onto the fuel pump and run the other end into a gas jug,be wary of igniting fumes or raw gas.
hook a water hose and muffs up to the engine as you are going to run it at IDLE ONLY.
have someone start the engine while you observe the fuel going into the gas jug,the stream of fuel from the pump should be steady and strong with NO air bubbles.
if the stream appears weak,the fuel pump needs a kit in it or replaced.
to give you an idea of how strong the stream should be at idle,it should give you the idea it wont take long to fill a quart jug.
if the stream is full of air bubbles you may have a leak between the pump and tank.
I would almost bet the fuel line has come apart and made its way into the fuel pumps check valves rendering them inoperable.
it is also possible that the diaphragm has stretched to the point of no longer being able to pump effectively.
if you have no idea of the last time the pump was rebuilt or replaced its most likely overdue.
if the fuel hose is a gray colored one and not dated along its length,they are notorious for having the liner come apart.
the old black rubber hoses can do the same thing as well as collapse along its length essentially cutting off the fuel supply under vacuum.
here is a link to a post I put up a while back that will give you an idea of what to look for inside the fuel pump.
http://www.in-depthoutdoors.com/community/forums/topic/poor-little-fuel-pump/