I'm using the fancy header package, yet I've also adjusted all of my margins, to allow more text on each page as there is no need for the excessively large margins.

I've run in to some trouble with my header coming much too close the the top of the text though:

How would I go about adjust space downwards? Also, here is the code I'm using for the headers:

\usepackage{fullpage}
\usepackage{fancyhdr}
\pagestyle{fancyplain}

\lfoot{Name}
\cfoot{\fancyplain{}{\thepage}}
\rfoot{\fancyplain{}{\today}}

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EricR (and others), please provide a minimum working example (MWE) with all coded problems to help others to more easily help you. –  Geoffrey Jones Sep 12 '10 at 3:26

There's a better way than this to set up and adjust page margins. Use the geometry package. (Seriously!)

That said, here's the solution to your problem. (NB, I've added the layout package in addition to geometry's showframe option to help you visualise what is going on.)

\documentclass[twoside]{article}
%\usepackage{fullpage}  % <-- you don't want this

\usepackage{geometry}
\geometry{
top=0.5in,            % <-- you want to adjust this
inner=0.5in,
outer=0.5in,
bottom=0.5in,
}
\usepackage{fancyhdr}
\pagestyle{fancyplain}

\lfoot{Eric Rasche}
\cfoot{\fancyplain{}{\thepage}}
\rfoot{\fancyplain{}{\today}}

\usepackage{lipsum}          % body text

\usepackage{layout}          % display page dimensions
%\AtBeginDocument{\layout*}  % uncomment this line *OR*
\geometry{showframe=true}    % uncomment this line (best if not both)

\begin{document}
\subsection{Timeline}
\lipsum[1-30]
\end{document}

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Great answer +1 –  Will Robertson Sep 12 '10 at 5:13