Let me have a looksie. You have a 30 series Torque Converter. You have the belt in the correct orientation. It has either a 10 or a 12 tooth sprocket. You didn't give us that but that's ok.
A 10 tooth with your 60 tooth rear sprocket is 6:1 gear ratio. That's great with the size tires you have.
If it has the 12 tooth then you have a 5:1 with is a little bit high but your tires look on the smaller size. Possibly 18 or 20 inch?
What i do see in this pic is that the driver unit is not retracting the sheaves. Possible broke spring in side or possible mis-assembled?
View attachment 155472
Im also assuming that the belt is binding up the driven unit also. The buttons are on the correct side but the sheaves should be closed.
If denny gets here he will give you the lecture about belts.
Dig in a bit and post pics. It helps us help you.