Acceleration issues

I am having trouble while driving after I get up to around thirty five to forty mph it seems like the engine or rpm's bog down and really will not speed up even if I press the gas all the way. I think when I do so the rpm's climb but the truck does not speed up. Also, you should probably know that the exhaust has a huge hole in it before the catalytic converter. Even after I patched the hole temporally it did not seem to help the acceleration issue. There is also a check engine light on but do not know what the codes are. This problem happen over eight months ago, but have not had the money to fix it so it has just been sitting because the inspection will not pass do to the check engine light.
Is my transmission going or gone?