Recently I had an issue with the Razor Tool in Premiere Pro CC. It was not cutting the video and its associated audio at the same time, which is normal functionality. I think I must have inadvertently done something to make the Razor Tool cut only the track it was over. It would only cut the track that I was clicking on with the Razor Tool. This is similar to its functionality when holding down the ALT key.
After some research I found how to set the Razor Tool back to default behavior. I also found how to deal with a video that had a segmented audio track, where the audio track needed to be re-linked to the video.
This video shows the issue I was having and how I resolved it, as well as how to link and unlink audio segments to a video track.