Over the last three decades, an exceptionally good science case has been made for pursuing gravitational wave (GW) astronomy. This has engendered a worldwide effort to detect the extremely weak signals generated by expected sources. With the next round of upgrades the ground based instruments are likely to make the first detections of the sources, and a new era of astronomy will begin, possibly as early as 2017. Inconveniently, due to seismic noise and baseline length issues, the low frequency (<10Hz) part of the spectrum, where the most interesting events are expected, will not be accessible. The space-based detector, LISA1, was conceived to fill this gap extending the observational capability to about 10-4 Hz. Due to mission cost growth and severe budget constraints, a flight prior to 2030 now seems very unlikely. This paper examines the case for a scaled down mission that is comparable in cost and duration to medium scale astrophysics missions such as the 1978 ($630M) Einstein (HEAO 2) x-ray Observatory2, the 1989 ($680M) COBE Cosmic Background Explorer3, and the 1999 ($420M) FUSE Far Ultraviolet Spectroscopic Explorer4. We find that a mission of this class is possible if the measurement requirements are somewhat relaxed and a baseline smaller than LISA is used. It appears that such a mission could be launched by 2020 using a conventional program development plan, possibly including international collaboration. It would enable the timely development of this game-changing field of astrophysics, complementing the expected ground results with observations of massive black hole collisions. It would also serve as a stepping stone to LISA, greatly reducing the risk profile of that mission.
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