Assuming the drive belt is there and has the proper tension, my guess would be the Power Steering pump is bad.
problem with power steering 1994 Pontiac grand am 2.3L
No. With the power steering broken, the control of the vehicle will be greatly reduced. That may damage steering collumn . Eventually . That would be a problem. If your fluid leaked out ,the pump might be destroyed.
if its leaking dont try and stop it yourself take it to a body shop it is probably the steering rack. i just had that problem with my 2000 grand prix and it ran me about 600 dollars.
This is part of the DRL module below and left of steering column. You must remove lower steering column panel to see it. Very difficult to access.
No way of telling you without knowing what the problem is.
where is the power steering reservoir on a 2006 grand prix
Where is the power steering resevoir on a 2005 pontiac grand prix?
It could be low on power steering fluid. That is a common problem. It makes a sharp whining noise when you turn the steering wheel.
I would check your power steering fuild.
Power steering like all other accessories tax the 'power' of the engine; if there is a problem in the power steering causing excessive load on the engine it will loose power (more so in low horsepower engines).
You need to crawl under the vehicle. It is above the steering crossbar on the drivers side of the engine. It is difficult to remove/tighten. It is in a horrible spot.
Directly behind the steering wheel.