Governed engines surge because the ratio of fuel added to the air is not sufficient to maintain the speed constantly.
So as the engine slows, the governor allows the throttle butterfly to open wider.
Carburettors are designed to run rich momentarily as the air flow increases to provide the extra power so when the governor allows the throttle to open the rush of extra air pulls excess fuel in even when the passage ways are partially blocked so the engine accelerates from the extra fuel then when trying to stabalize, there is not enough fuel so the engine slows down causing to governor to allow the throttle plate to open up creating the in rush of air drawing the extra fuel to enter the engine then when that is burned off it slows again, thus the cycle continues at infinitum.
Not enough fuel is caused either by a blockage in the fuel passageways or an air leak after the main jet in the carb which can be a worn throttle pivot hole, cracked , broken or warped manifold , leaking gaskets or loose carb.
Most times it is a blockage as Rivets has mentioned but before you rip into the carb get a trigger bottle of WD 40 or similar, start the engine and soak the manifold & engine side of the carb with the WD 40, avoiding any going directly down the carb throat.
While you do this move the governor arm with your finger back & forth to get maximum manifold vacuum.
If there is a leak then you get clouds of white stinky smoke out the exhaust pipe
Takes about 5 minutes to do and is a lot easier if the blower housing is removed , which has to come off most times to remove the carb for cleaning in any case .