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The P0420 code is for a bad catalytic converter. Do you have any misfire codes or just this one code?
Ok, this code shouldn't be causing what happened UNLESS the catalytic converter is broken apart inside. If it is, then it can block the exhaust and cause the running issue. The cruise control light being on at the same time is normal with these. Subaru has this as a safety feature in case there is a problem with the electronic throttle body.
If you have under 80,000 miles on this car, this converter is covered under warranty by Subaru and they will have to replace it free. If you're over, then i would remove it and check the substrate and make sure it's not broken.
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Thank you for the rating! I know they will do some testing and scans for the code, so make sure not to clear it before you go.