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My 94 had the same problem until I fixed it this last weekend. I'll bet if you try the cruise control and push on the brakes that it will slow down but the cruise will not disengage. The problem is the brake stop switch. This is the switch that is connected to the brake pedal to sense when it is pushed, you'll see it under the dash on the top part of the brake pedal. It cost me $10 at NAPA.
To replace it, pull the cotter pin with a pair of needle nose pliers, slide the washer off of the shaft, then slide the switch off. Disconnect the electrical connector, and put in the replacement in reverse order. It took all of a few minutes to do. Good luck!