Has anyone had experience with the traction control light staying on? Apparently the traction control button is not working either.

 

When the traction control malfunctions it will turn itself off, and you will not be able to use the button to turn it back on. What year is your car?
I had this problem on my 02 monte and the fix was replacing the harness that runs to the hub on both driver and passenger side. its a quick and easy fix and can be done yourself.

 

Thanks for replying JasonB. I have an 02 Monte and I just ordered the harness and I'm going to replace both fronts.

 

Sounds good! Keep us posted!
On a slight side note: I was able to very temporarily fix the problem by adding dielectric grease to the contacts on the plug going to the wheel hubs. I may have been very lucky, as I had read elsewhere that this issue is caused by the harness rubbing on the tie rod or some other part of the front end. This is expedited by the normal turning of the wheels, and unfortunately it seems this problem is inevitable.
If the harness does not fix your problem make sure that the hubs are your next focus. Its not unheard of for the sensors inside of those to go bad. After all the car is 15 years old...