Thanks for the swift responses.
The reason the price was so high is because the mechanic wanted to replace the whole catalytic converter assembly, I checked on fastlane and they had the exact price the mechanic gave me as their listed price but their discount price was $1064.
The mechanic told me the converter was the problem and after searching through the archives the symptoms the car is showing are the same as other people described, it won't go beyond a certain rpm or upshift, pushing the accelerator leads to the car stalling. I'm not the original owner but I believe there are more than 200,000 miles on the converter.
Thanks, I am checking around now