You could try the threading.Timer class: http://docs.python.org/library/threading.html#timer-objects.
import threading
def f(f_stop):
# do something here ...
if not f_stop.is_set():
# call f() again in 60 seconds
threading.Timer(60, f, [f_stop]).start()
f_stop = threading.Event()
# start calling f now and every 60 sec thereafter
f(f_stop)
# stop the thread when needed
#f_stop.set()