Decrease RSS cache time in plugin?

Why not just use native RSS widget?

Also while Chris_O is absolutely right on filter to use, it is better practice to change cache time for specific feed URL rather than globally:

add_filter( 'wp_feed_cache_transient_lifetime', 'speed_up_feed', 10, 2 );

function speed_up_feed( $interval, $url ) {

    if( 'http://mysite.org/feed' == $url )
        return 3600;

    return $interval;
}

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