2006 Chevy Malibu losing acceleration

My car idles fine but when I hit the gas it doesn't
accelerate like it's supposed to. If I push past 2
RPMs my Traction control light comes on and the
car begins to decelerate until it stops completely,
then it idles off. However, if I pull over and cut the
car off and cut it back on it kind of resets the light.
CAT converter is giving off extreme heat but it isn't
glowing and the car doesn't run hot. I've had the
engine codes read and it says Catalyst system low
efficiency. But I'm also being told that it could be
my transmission. On that note I do know that my
car is not shifting like it used to.