The time() is correct on the server.
Here is the raw http headers:
Status: HTTP/1.1 200 OK
Date: Sat, 26 Mar 2011 15:12:27 GMT
Server: Apache/2.2.3 (CentOS)
X-Powered-By: PHP/5.1.6
Set-Cookie: TestCookie=my+cookie+value; expires=Mon, 25-Apr-2011 15:12:27 GMT
Content-Length: 126
Connection: close
Content-Type: text/html; charset=UTF-8
However, when I open Firefox or Chrome they both say that the cookie will expire when I close the browser. I know that my browser is accepting cookies properly because I see other cookies from other websites in the cookie list that expire with future dates.