Cannot record in stereo

I am using Audacity ver 2.0.3 on Windows 7 Ultimate Service Pack 1. I am running an AKG Mic into an M-Audio FastTrack recording interface using the XLR plug on the back. I have the M-Audio set on stereo for my headphones. The problem is that I am not able to record in stereo. In Audacity, I am opening a new Stereo track,The Stereo input is set as the default, When I begin recording, only one of the tracks is recording and I only hear the left track in my headphones. I’ve recorded in stereo before, but now I seem to be missing something. I have an audiobook gig with a deadline, and I need to get this going. Can anyone tell me if I have something set incorrectly or if I need to do something special? Thanks for the help.

You mean you are running ONE microphone into the FastTrack?
To create “stereophonic” recording you need to use at least 2 microphones (or a “stereo mic” that contain 2 or more microphone capsules). Normal microphones are mono.

To record ONE microphone so that it plays through both speakers, you should record in MONO.
Plug the microphone into input 1 (left) of the FastTrack and set Audacity to record 1 channel (mono) in the Device Toolbar. When the recording is played back it will play through both left and right speakers.

Thanks Steve. You nailed it. It worked just as you said. I appreciate your help!