If you get this drill press and it seems that the belts are slipping when using large bits, check the pulley on the spindle shaft. If the shaft is turning in the pulley the large nut needs to be tightened. It is a left handed thread. I used a pipe wrench and a steel rod inserted in the chuck key hole. After that it worked great even with a 1.25" bit on 1/2" steel plate.
Use a short piece of steel pipe as a cheater bar on the belt/motor lever to get the belts real snug.