1. A method for reducing power consumption in a portable computing device, the method comprising: detecting, in a modem, a present data call type; identifying, in the modem, a target data rate stored in the modem that is responsive to the detected data call type; transmitting, from the modem, the target data rate responsive to the data call type; receiving, in an application processor, the target data rate; using the application processor to dynamically adjust an interrupt latency threshold to a level capable of supporting the target data rate; transmitting, from the modem, a request for desired performance levels of a clock resource used by the application processor; and using the application processor to dynamically adjust a performance level of the clock resource based on the request for desired performance levels received from the modem.