Importer php error

I am having trouble trying to import from one WP blog to another. Both blogs are on 3.0.1, we are pretty much just attempting a migration. I created a WXR (.xml) file using the WP exporter, and then attempted to import the file using the importer plug-in. The importer brings me to the page where I can correlate the users or create new ones. After I complete that step and click on “submit”, it works on processing the page, and then I end up with the following error:

Fatal error: Maximum execution time of 30 seconds exceeded in mydirectoryname/wp/wp-content/plugins/wordpress-importer/wordpress-importer.php on line 150

The line number varies- sometimes I get 135, sometimes 150, I haven’t figured out why. I have tried multiple file that have been exported, all with similar results. I have tried it with both the “Download and import file attachments” box clicked and not clicked.

Thanks in advance for any assistance.