[shorod]

That certainly sounds like a belt, but the belt is probably not the cause of the squealing. Rather, there is a pulley or belt-driven device that is resisting rotation, which causes the belt to slip, emitting the squeal and burning rubber smell.

Does it only do this if the A/C or defroster is on? If not, pull the belt (which will need to be replaced anyway) and spin all the pulleys. See if any of the accessory pulleys feel rough when spinning or are very hard to turn. The power steering pulley will likely be hard to turn, so if more than just the power steering pulley is difficult, I wouldn't worry yet about the power steering pump being the cause.

-Rod