Wada,
I'm in agreement with Brian...a BOBFH! I think the rubber bushing might have had a metal ferrule inserted into it and it and this is rusted to the bolt. Its diameter is greater than the hole size, hence the 'no go'.
Take a big hammer, and when the bolt is looking the other way, blast it. It's possible that you won't get it out and will have to resort to some type of saw or wheel to cut both ends of the bolt.
Stuart
