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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 label(self, value):
 """ Set the label and generate the formatted value @type value: str """

        # Fixed width label formatting
        value = value[:self.pad_size] if self.pad_size else value
        try:
            padding = ' ' * (self.pad_size - len(value)) if self.pad_size else ''
        except TypeError:
            padding = ''

        self._formatted = ' {v}{p} '.format(v=value, p=padding)