You may have a dead meter.
Modulation is audio's affect on swing wattage or pep. Notice that needle moving more with your voice.
Dead key or carrier wattage is without your voice enhancing the power only with mic keyed.
I can only assume that the chipset you are referring to is an ic chip audio or pll which must be working if you are receiving audio.
Check your mic cord................ transmit and modulation and even your receive volume can be affected by the cord/mic plug solder joints or broken wires here.
http://www.cbtricks.com/radios/galaxy/dx33hp2/graphics/dx_33hp2_sch.pdf this is a similar radio the General Lee, Connex 3300hp and Galaxy hp2 share boards i believe dont hold me to that thou.
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