If your abs light and your tcs light are both on then there is good news. You see the two systems are linked by one component. since the both systems are decting a problem then the problem it most likely the component they both share. remember in secondary school those problems you had with intersections, inclusions and exclusions, well its applied here.
Your abs works by differentating the wheel speeds via the wheel speed sensors. Your tcs checks for discrepancies in wheel speed (skid) by checking reference signals from, you guessed it, wheel speed sensors. With that being said, if you have your car checked with a diagnostics scanner, more than likely you will find a wheel speed sensor has failed. Since the tcs only uses signals from the front wheels (your car is front wheel drive) I would guess that one of your front wheel sensors has failed. Have it scanned and good luck!
Trevor Haynes
January 2009