Cruise Control Not Setting

My cruise control will not set. The light comes on on the dash, however when I press the set button nothing happens. Need help......

While the engine is running, pull the vacuum line on the cruise control servo and see if vacuum is present, if there is none present you have a break in the vacuum line from the engine to the vacuum reservoir, or a cracked vacuum reservior, or a break in the line from the reservior to the cruise control servo, examine and repair / replace as necessary. If vacuum is present at the servo then you might have a bad servo or the set switch in the steering wheel is bad. Since you stated that the light illuminates on the instrument panel when you turn the cruise on then the clock spring behind the steering wheel should be ok.