It wasn't the easiest solution to find on the net, but a fairly simple one to implement.
from urllib2 import URLError, HTTPPasswordMgrWithDefaultRealm, HTTPBasicAuthHandler, install_opener, build_opener
# Set up a HTTPS request with username/password authentication
# create a password manager
password_mgr = HTTPPasswordMgrWithDefaultRealm()
# Add the username and password.
password_mgr.add_password(None, feed_url, "your_username", "your_password")
opener = build_opener(HTTPBasicAuthHandler(password_mgr))
file = opener.open(feed_url)
# After you get the "file", you pretty much work with it the same way as you normally would.
xml = etree.parse(file)
except URLError, e:
print 'URLError: "%s"' % e
Brush your hands off boys, we're done here.
Now to solve more pressing issues...