You probably have a severe case of the hydro creep. You will need to jack up the rear end of your cub cadet, secure the front tires, loosen the two bolts on your unit and make an adjustment. A lot of guys use a small piece of wood and a rubber mallet to help in this matter. Just make sure that you are clear of the fan and make your adjustments when the tractor is not running. After each adjustment, restart the tractor and check your progress. This will likely take you a couple of attempts, so have patience. You will need to also make sure that the fuel tank has enough fuel in it and make sure that even though your cub is jacked up in the back, that your carb can still get fuel to the engine.
The hydro creep has been brought up here several times and should be easy to search for diagrams on it.
Cub Cadet 123
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Still don't know what I'm doing in OHIO?.....If you find me, then please point me back toward INDIANA. 
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