Small Engine Problems? Ask an Engine Mechanic for Answers ASAP
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A damaged flex, or loose connection in the plug, can make it appear as though there is power. Note that a volt stick won't give you the full answer, so have you measured 240 volts at the drill?
OK. Are you using a transformer?
OK. So if there's 110V at the drill terminals, and the switch isn't faulty, and the brushes and springs are in good condition, then it seems likely that there's a breakdown in the windings in the motor. Can you measure the resistance of the windings?
To diagnose this further you really need a multimeter. For a cheap but good one click here.