A powered surgical system includes a power console with locking speed control capabilities. The surgical power console delivers power to two separate surgical instruments, particularly surgical handpieces used in orthopedic procedures. The user/console interface includes footswitches, handpiece mounted switches, and front panel controls. The console provides controls for speed and direction of the handpiece, as well as the ability to switch directions on a variable time basis. Advantageously, the console provides a "cruise control" capability which locks in the speed of a particular handpiece. Once the cruise control option is selected, the surgeon can engage the cruise control function simply by using a "gas pedal" footswitch. Once a desired handpiece speed is established, the surgeon's foot can be removed from the footswitch, allowing the surgeon greater comfort, greater range of motion, and improved access to the operational situs. Disengagement of cruise control is achieved easily by actuating any of the foot control or front panel switches, for example.