1998 Bonneville.."TRACTION OFF"

Hey whats goin on,

My Bonneville has been having some trouble with the traction control as of late. The light on the dash for the Traction Control shows it being off, the light says Traction Off. When I press the Traction button near the gear shift it doesnt turn off. The car seems to drift sometimes too, also driving in the rain is harrrrd as hell lol. What could be wroug? Is there a way to reset? What needs to get fixed?

Thanks
Mike