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When I drill holes, I start with a center drill, then a small cobalt drill to drill a pilot hole for the tip of the bigger drill, then I use the bigger drill. I use a speed appropriate for the size of the drill and the material and in things like steel, I use a proper lubricant. I also use adequate pressure on the drill, which is indicated by the chips that I'm making.
The pilot hole makes it a lot easier for the big drill to proceed (the point of a drill doesn't cut well) and the feeds and speeds are important.
Use a good quality HSS drill.
In other news, I broke the table off of my drill press over the weekend, so there's that. A drill press shouldn't be used as a large arbor press. I know this, but....
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