Annie - Time Machine problem
FWIW, that error message is a general reference and has been triggered by different maladies dating back to last fall. Your problem may or may not be new.
The most common problem with Time Machine may or may not have been fixed with the last firmware update. With Apple's refusal to acknowledge the problem (a compression/space issue) in the first place, then its refusal to define the fixes in updates with specificity means it's a bit of a guessing game. Having said that, the first thing to do is check your Time Machine (or backup drive) for remaining available space. If you're low on space, here's a recitation from one Mac user on what can happen ...
"I resorted to calling Applecare for assistance. After about 45 minutes of troubleshooting and talking to other reps, my rep came back as dumbfounded as I was. I was told that instead of deleting older backups, as advertised, Time Machine instead begins compressing the older ones. If you run out of space before the compression can catch up, Time Machine will fail, as it does not have enough space to create a new backup directory. The only way to restore functionality is to completely erase your backup drive and start from scratch."