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The bolt is stuck in the sleeve in the leaf spring. They have seized together over the years, which is why the bolt won't come out, by cutting it you eliminate the sleeve problem, it shouldnt be tough to get the rest of the bolt out.
this was a royal PITA to take out i used PB Blaster and Aero Kroil like crazy after a while i managed to removed it with a slide hammer. your best bet though is the fire wrench.
well here i am two days later and im half way through one of the bolts...lol..this sucks...on a good note the passenger side bolt slide right out did not have to cut it off