In this paper we provide a new arithmetic characterization of the levels of the og-time hierarchy . We define arithmetic classes equation image and equation image that correspond to equation image-LOGTIME and equation image-LOGTIME, respectively. We break equation image and equation image into natural hierarchies of subclasses equation image and equation image. We then define bounded arithmetic deduction systems equation image′ whose equation image-definable functions are precisely B. We show these theories are quite strong in that LIOpen proves for any (...) fixed m that equation image, TAC, a theory that is slightly stronger than equation image′ whose equation image-definable functions are LH, proves LH is not equal to equation image-TIME for any m> 0, where 2s ∈L, s ∈ ω, and TAC proves LH ≠ equation image for all k and m. We then show that the theory TAC cannot prove the collapse of the polynomial hierarchy. Thus any such proof, if it exists, must be argued in a stronger systems than ours. (shrink)