It is a Fuel / Air mixture problem. Have you recently changed your air filter? I did and I have the same code on my 2007 Cobalt. Now I have to check air intake hose and filter box for leaks... Maybe filter box top isn't seated properly.
Had same code on my Cobalt. Problem was MAF/Temp. Sensor. Changed it with my sisters sensor in her HHR and problem solved. Now her Idiot Lite is on and she can spend $70.00 to replace sensor or take the car back to dealer "under warranty" and they'll replace her sensor for free!