Spontaneous behavior in animals and humans shows a striking amount of variability both in the spatial domain (which actions to choose) and temporal domain (when to act). Concatenating actions into sequences and behavioral plans reveals the existence of a hierarchy of timescales ranging from hundreds of milliseconds to minutes. How do multiple timescales emerge from neural circuit dynamics? How do circuits modulate temporal responses to flexibly adapt to changing demands? In this talk, we will present recent results from experiments and theory suggesting a new computational mechanism generating the temporal variability underlying naturalistic behavior and cortical activity. We will show how neural activity from premotor areas unfolds through temporal sequences of attractors, which predict the intention to act. These sequences naturally emerge from recurrent cortical networks, where correlated neural variability plays a crucial role in explaining the observed variability in action timing. We will then discuss how reaction times can be accelerated or slowed down via gain modulation, flexibly induced by neuromodulation or perturbations; and how gain modulation may control response timing in the visual cortex. Finally, we will present a new biologically plausible way to generate a reservoir of multiple timescales in cortical circuits.