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Solve the following problem using Python, implementing the functions described below, one line at a time
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Description:
 def set_timeout(self, delay, err=TimeoutError):
 """Called to set a transaction timer."""

        if _debug: IOCB._debug("set_timeout(%d) %r err=%r", self.ioID, delay, err)

        # if one has already been created, cancel it
        if self.ioTimeout:
            self.ioTimeout.suspend_task()
        else:
            self.ioTimeout = FunctionTask(self.abort, err)

        # (re)schedule it
        self.ioTimeout.install_task(delay=delay)