For executing scripts in a certain interval (of course within another script), you might want to take a look at the time
module (Documentation here).
But if you are planning to use timing
with a GUI, you might want to have concurrent threading or processing so that there is not delay with the user interface. In such case you can use multithreading
(Documentation) or multiprocessing
(Documentation) modules.
As a final note, some GUI frameworks come with built-in threading support, so you might want to take a look at that. For example, PyQT4
has something called QThread
which handles all thread/event manipulation.