The phrase "strapped for time" means that you have very limited time available or are facing a shortage of time. In the given context, the response "Sorry, we're strapped for time" suggests that the person does not have enough time to engage in activities such as reading news magazines.
Note: The provided meaning of the answer is for the latest New York Times crossword puzzle clue: "Got any news magazines?" "Sorry, we're ...". Explanations are generated by AI and may be inaccurate.