Consolidation does not remove old files

I'm evaluating True Image Home 2010 and have a system backup and a file backup each configured in incremental mode. I've set consolidation so that it does not exceed 3 total backups or 3 days. Yet True Image keeps complaining that it's running out of disk space, and when I look at the target drive I can see the reason is that old backup files are not being deleted.

What do I have to do to get TI to clean up these old files automatically? I thought the consolidation would take care of it, but it doesn't seem to.