I had something simuliar to the symptons you describe.
 It was a hardware failure of IC-2 on the TRX board. 
The way it is checked is to tack solder a little wire
to the junction of R-22 and R7 on the TRX board next
to IC-2 and measure the rx voltage and the tx voltage.
 They should both be about 2.5 volts.  Mine was 2.48
on rx and 0.85 on tx.  I sent the board in for repair
and it is on the way back to me.

If you can't figure anything else out you might give
this a whirl.

73  Lee W9OY


                
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