See the picture below. The small red circle shows the locking screw on the right side of the drill. There is another locking screw on the left side of the drill. Loosen them both a half turn. The larger red oval is the handle to pull the motor closer to the spindle, thereby loosening the belt. Once loosened, it is easy to move the belt. Then use the handle to push the motor back, which tightens the belt. Keep pushing on that handle with your right hand while you tighten the locking screw on the left side of the drill with your left hand. Once you have that tight then tighten the right side locking screw.
Good luck! I hope this helps.
SOURCE: I have a Guardian Power floor model drill press.
Can you move the spindle up and down with the handle? If you can't make sure the spindle lock is not on. Is the spindle clean and rust free , well lubed? Here is a link to a manual for your drill press: http://www.dewaltservicenet.com/Products/ProductManual.aspx?q=15-331 You can order parts here. Usually the return spring can be adjusted with a nut on the left side of press. Possilby the return spring could be broken.
SOURCE: Hi I'm looking for a part for a drill press
check out this url:
www.jalopyjournal.com/forum/showthread.php?t=237685
SOURCE: Replace drill chuck on 23 year old Craftsman 8" drill press
Yes it does have a Morse taper and you can remove it by gently hitting it with a rubber or nylon mallet.
SOURCE: I have an old Guardian
sounds like either the pulley is not tight to the spindle or the spindle is broken in half either in a bearing race or between the two spindle bearings
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