HOW TO SHUT OFF POWER LOSS LIGHT

fast foot it still stalls, bravo that, 1st post ever with that key fact.
very very observant.
stalls, even with fast right foot.
and never runs right, correct?
no engine options stated to all answer drop to generic.
a tune up, do the 60k now.
if the engine has a timing belt , nows the time.
if compression is good, over 150psi, then
bad spark, tune it up.
if spark is good, and timed right,its a fueling issue
EFI is your system for injections.
we check the fueling for dry or under fueling. or flooding
those are 2 different paths. there.
lite me guess, its Under fueling.
ASE ways) I add propane gas, to the intake
i gain power, opps it really IS underfueled ( a 1min flat tests)
so why>
ok, low fuel pressure is 1st.
i check my rail pressure 1st.
at spec> no its low then the reg is bad, (stuck wide open )
the fuelpump voltage way low, ?
or the filter clogged, sure 60k tuneups do work , and my filter is new
and the pump is weak and bad
. just one example.
if pressure was good, id do the injector leak down test
then the balance test.
all that is in the FSM. every tests.
and will find the cause of gross engine power loss.

all with on lil old $20 fuel pressure gauge>
ask for details can do that at each step.

Do a tune up

HMM NEED TUNE UP OR YOU HAVE A TRANSMISSION PROBLEM BUT TRY TUNE UP FIRST INCLUDING SPARK PLUGS AND WIRES TRY THAT LET ME KNOW IF I CAN HELP MORE

sounds like either a vacuum leak (check the bottom of the "tomatoe juice can" for starters) or a bad or plugged egr valve or egr solenoid.
check engine lite refers to emissions probs only...most likely egr or vac leak. Had the same prob on my 95 5.0 f150...needed new can and egr valve.

3 most common causes for your problem are:

1. Bad EGR (Exhaust Gas Reciculation) valve - clogged EGR will cause engine to stutter or miss
2. Bad MAF (Mass Air Flow) sensor - will also make an engine stutter when bad
3. Bad TPS (Throttle Postition Sensor) regulates idle speed under multiple conditions.
   

Sounds like you have a bad bcm as far as the lights ! The running rough and the cel flashing indicates a misfire condition ! Check your plug wires and see if a critter hasnt chewed a wire !

Can't really say anything need the codes before I would predict anything. get codes scanned at Autozone its free.

sound like you need a tune up the light flashing is a misfire take it to autozone and have the codes read

have you checked the wiring diagrams on the repair manual?

check catalatitor converter on the mufler