I would like to thank everyone who responded to this problem which most likely made it easier to find through a Google search. I was dealing with the same issue with my craftsman scroll saw, and I was thinking the problem was either the circuit breaker or the control assembly board. I had both removed completely but could not see anything obviously wrong with either one, so I decided to try google... and Dan, you definitely are the man!
I'm not sure if it will work but I am just going to swap the light switch with the power switch as they look identical to me and I don't think I'll be cutting anything in the dark!
Thank you so much fellas!
Ryan