what does it mean when the slip light and the tcs off light come on?

Hello, You likely have a bad wheel speed sensor. If the wheel speed sensor goes bad in the right manner, it will tell the anti-lock brake control module that one wheel is sliding or spinning at all times. This results in loss of engine power as the vehicle attempts to control itself. You should seek diagnostic assistance since this is not the only problem with the ABS/TC systems that can cause these conditions.