I did not have time to check this out, but something in this direction should do what you want:
size = 12000
temp_label = gtk.Label(my_label.get_text())
while temp_label.get_width() > my_label.get_width():
size -= 100
temp_label.set_attributes(pango.Attrlist().insert(pango.AttrSize(size))
my_label = temp_label
This assumes you directly force the width of my_label. If my_label gets the width from something else (like the parent container), replace my_label.get_width () with whatever maximum width you want.
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