I had a similar a similar problem on a diff. car. Cruise light comes on when you press the button but the speed drops. It wasn't a blown fuse or loose cable... it was a small vacuum hose which hooks up into the cruise control accuator or pump, I'm not sure what they call it. It should be pretty easy to find... one side of the cruise control cable leads right to it. You have a cable on one side and a vacuum connection (tube) on the other. Tube's either cracked (leaks air), disconnected or connected wrong.
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99 Silver GL
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