Reduce engine speed and service traction controll engine will not rev above 2000 rpm's and codes will not clear

have the fault codes read and fix the fault that put the ECM in limp mode
reset the ECM on completion of repairs

Your best bet would be to take it to a qualified repair shop. Special tool's and knowledge are needed . Scan tools , electrical diagnostic , service information . Your vehicle has a bunch of computers (control modules) C.A.N. cantroller area network serial data communication networks . Hi speed , med. speed , low speed . The power steering is electronic ,computer controlled , sensors on the steering shaft .With those light's lit , DTC'S - diagnostic trouble codes are stored etc... Plus there is a real chance of being electrocuted. High voltage !

If you disassemble the instrument cluster to disable the light, an open circuit is created and the powertrain control module is put into a "limp in" or "service" mode. You maximum engine rpm is reduced. You maximum vehicle speed is reduced to 50 mph and several other systems are disabled (like stability control and traction control). You're better off just having it diagnosed and repaired properly.

Could be as simple as a brake sensor ( that is your anti-lock braking system it is tied into the traction control system ) Good luck it is a easy replacement part if that is what it is.

please scan the ECM for codes and post them

go to hell .............

The traction control uses the speed sensor in the transmission and the wheel speed sensors to determine wheel spin. If a wheel spins braking is applied to it so that the power can be transferred to the other wheels. At some point the ECU detected a gross disagreement between the sensors and so as a precaution has entered into a limp home mode. On some systems if the fault is in error it can be cleared by putting the car into drive and moving forward a meter, putting in reverse and going a back a meter and doing this three times. If one or other of the sensors are faulty this process will not allow the error to be cleared. You need to check or have checked the error codes and the speed sensors.

If you have a switch for the traction control, the stalling of the engine can be reduced or eliminated by turning off the traction control.

The traction control probably has debris inside the rear emergency brakes. The traction control works by counting the speed of each wheel. When the part that counts the speed is blocked with debris, it thinks one wheel is slipping and kills the engine and applies the rear brake to the fastest spinning side.

The motor is suppose to lose rpm until the wheelspin is stopped. Then the motor is suppose to run normally. If the motor is completely dying you have a terrible problem with the sensor on the rear wheels.

The Traction control needs to be looked at, some Brake shops may be able to fix it. A dealer would have the tools. There should be nothing wrong with the engine, its suppose to react to the sensors.

The torque converter clutch circuit may be at fault. The best way to determine the problem is to have a scanner/computer to read check engine codes.

on almost all gm cars after 96 the engines were governed to not free rev over 4000rpm. when in gear and power braking the rpms stay lower cause of the load on engine. when reving above 3500 rpms the computer cuts back the timing and fuel to reduce engine damage if left to free rev. hop that helps.