This morning my husband was driving to work and the check engine light started flashing. and the car shut off.cruise control was on when this happened. It did restart but it was having a hard time maintaining speeds and the rpm's stayed high. The RPM's were around 2500 at 65mph. This has never happened before and our best guess is there is a transmission problem. He tried the key code check and nothing happened (may not have done it correctly).

 

Welcome to the forum. I do not know where you are located, but if you have a local AutoZone, they will scan for codes for free.
A flashing CEL means it is seeing the problem for the first time. After a bit, the light will stay lit solid. It does sound like it could be a transmission issue. Might be low on fluid, but if it is the CVT2 automatic, it can only be checked at the dealer with their scan tool.
If you can get the code, post it here and we will be glad to guide you in the right direction.

 

Typically, a flashing CEL is an indication of a "catalyst damaging" event ie misfire, rich/lean, or timing. I replaced an engine in a Caliber a couple years ago and left the crank position sensor loosely connected. After driving for a few miles, it worked loose and had the same symptoms you are describing. The New World engines in the Calibers are very sensitive to timing (mechanical or electronic) due to the design of the variable valve system.

Definitely get a local parts place to check it out. If it is a generic code they should be able to tell you what it is. There are some codes that only the dealer can give a good description of. If Autozone reads it for you, and they tell you its a "manufacturer controlled" code, it means a trip to the dealer.

Also, from what I understand, the CVT won't slip. If it slips once, the transmission is toast.

I hope this helps...your post caught my eye on the main forum page.