Txtlib is a useful library to print text on the screen. It support basic text formatting. Just set area, text and format options!!!
PyHiero is a library that helps use the Hiero Bitmap Font generator (http://slick.cokeandcode.com/demos/hiero.jnlp) with the Pygame font engine. Simply generate your bitmap font file, load it into PyHiero and draw the Hiero fonts like you would draw a regular Pygame font!