Failed to start project (Microsoft Visual Studio) Catastrophic failure (Exception from HRESULT: 0x8000FFFF (E_UNEXPECTED)) (mscorlib)

I'm getting this weird error message when I try to execute a SSIS package. It keeps on throwing catastrophic failure and fails to start the project.

I even tried creating a new project from scratch with a simple package that has select statement only, to see if there was something wrong in my other package. I still get the same error. Is there something wrong with my Visual Studio? It used to run fine before.

TITLE: Microsoft Visual Studio
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Failed to start project

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ADDITIONAL INFORMATION:

Catastrophic failure (Exception from HRESULT: 0x8000FFFF (E_UNEXPECTED)) (mscorlib)

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BUTTONS:

OK
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Program Location:

   at System.Runtime.InteropServices.Marshal.ThrowExceptionForHRInternal(Int32 errorCode, IntPtr errorInfo)
   at Microsoft.DataWarehouse.VsIntegration.Shell.DataWarehouseOutputWindow.Unsafe_Clear()
   at Microsoft.DataWarehouse.VsIntegration.Shell.DataWarehouseOutputWindow.Clear()
   at Microsoft.DataTransformationServices.Project.DataTransformationsProjectDebugger.LaunchDtsPackage(Int32 launchOptions, ProjectItem startupProjItem, DataTransformationsProjectConfigurationOptions options)
   at Microsoft.DataTransformationServices.Project.DataTransformationsProjectDebugger.LaunchActivePackage(Int32 launchOptions)
   at Microsoft.DataTransformationServices.Project.DataTransformationsProjectDebugger.LaunchDtsPackage(Int32 launchOptions, DataTransformationsProjectConfigurationOptions options)
   at Microsoft.DataTransformationServices.Project.DataTransformationsProjectDebugger.Launch(Int32 launchOptions, DataTransformationsProjectConfigurationOptions options)