The rare isotopes ^(2)H and ^(3)He in cosmic rays are believed to originate mainly from the interaction of high energy protons and helium with the galactic interstellar medium. The unique propagation history of these rare isotopes provides important constraints on galactic cosmic ray source spectra and on models for their propagation within the Galaxy. Hydrogen and helium isotopes were measured with the balloon-borne experiment, IMAX, which flew from Lynn Lake, Manitoba in 1992. The energy spectrum of deuterium between 0.5 and 3.2 GeV/nucleon measured by the IMAX experiment as well as previously published results of ^(3)He from the same instrument will be compared with predictions of cosmic ray galactic propagation models. The observed composition of the light isotopes is found to be generally consistent with the predictions of the standard Leaky Box Model derived to fit observations of heavier nucle