Throttle cable?
 

I have a 1986 cutlass supreme with a 307 4bbl. I just noticed that there is a cable under the throttle cable that isn't connected to anything. It looks like it goes to the carburator. If anyone has any idea what it is I would appreciate the help

That's not good. It is one of two cables. If you have a 3 spped transmission it's a kick down cable and if it's a 4 speed transmission it's a TV (throttle valve) cable. Kick down is not so big of a deal, but a TV cable not connected and adjusted properly will TRASH the transmission in short order.