Deja Dup fails with "IOError: [Errno 12] Cannot allocate memory"

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http://askubuntu.com – I'm on Ubuntu 12.04 LTS x64 and today was my first attempt to use Deja Dup for data backup. My choice was based on the fact that Deja Dup is the most acclaimed one among all the backup tools available for Ubuntu. As a test drive, I'm trying to backup approximately 4 GB of files to a local folder instead of Ubuntu One or any other cloud service. And every time I try, soon after Deja Dup is done scanning the folders and proceeds to actual file backup, it runs into the same type of error: Traceback (most recent call last): File "/usr/bin/duplicity", line 1411, in <module> with_tempd (HowTos)