As others said, the cat is probably fried. However if you look up the code, it also mentions checking for an exhaust leak. That could also cause the code, if it's not that, then the cat is probably bad. Usually if the pre-cat O2 sensor is bad, you can fix it by replacing the sensor, but usually the post cat sensor doesn't go bad. You could get it diagnosed by checking the voltage levels of the pre and post cats O2 sensors. Those are also referred to as the upstream and downstream O2 sensors. If you're getting the same readings, that means the cat isn't doing anything and it's bad.