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Q: power steering failure on 1997 Mercury Cougar

I have gold edition V-8 cougar, without warning I can only turn steering wheel 1/4-1/2 turn and no more also battery warning light is on but no other electrical problems are present. what is the most likely cause of this issue?
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This sounds like the drive belt came off, causing the lac of power steering and the alternator to stop working. Was that the problem?
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