Apparently the weenies at the EPA have been receiving some gratuities, because back in the 80's it was 1000,000 miles / 10 years.
Now concerning a failure in a catalytic converter. In a modern laminar flow converter a failure typically results in a rattle at idle as the element rattles inside the casing. If you dont have a rattle odds are better than 95% your converter is just fine. if you are experiencing a drop in fuel economy then look to your right foot or have someone scope your intake valves. Because on the FiST a loss of economy is usually due to one of two things, too much Joy for the right foot, or too much crud on the intake valves.
I can also state that when the converter in my 85 Monte Carlo SS failed the only effect was that rattle, had no loss in power or degradation in fuel economy. BTW, worked for the manufacturer that made the front y pipe for the 83-88 Vette so I grabbed a couple of the reject outlet pipes and used them to build a 304 stainless wide mouth "test pipe". Replacing the rattling converter with the test pipe also had no effect on power or fuel economy.