The traction control system has detected a fault and turned itself off. The system uses sensors at the drive wheels to detect slippage and lock the differential and provide extra traction for acceleration. While the fault light is on, the system is not ready to provide this capability.
The ABS system uses many of the same components to keep the wheels from slipping while braking, and faults often cause both systems to quit.
There are a few things the average person can check for and possible repair, but much of these systems require specialized diagnostics to repair.
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