We can use the expression its time + subject + past verb form to refer to the present moment. To understand this let us look at:
Example 1
"Gosh! Its almost midnight. Its time we went home."
'Its time' with a verb in the to-infinitive form can refer to the speaker and the listener together.
Example 2
"Come on. It's time to start packing. We have to leave in two hours." (or "It's time we started packing.")
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