working

import requests
import json
import time
from pprint import pprint as pp  #for simplicity

## LOGIN to reddit ##
url = r'http://www.reddit.com/api/login/'
payload = {'user': 'USERNAME',
           'passwd': 'PASSWORD',
           'api_type': 'json'}

r = requests.post(url, payload)
#save the cookie
redditCookie = r.cookies
#print the response
print 'Login Response:'
j = json.loads(r.text)
pp(j)
#save the modhash
mh = j['json']['data']['modhash']

##SUBMIT to reddit ##
url = r'http://www.reddit.com/api/submit'
payload = {'title' : 'API TEST!',
           'text': '{}'.format(time.asctime()),
           'sr': 'tankorsmash',
           'kind': 'self',
           'uh': mh,
           'r': 'tankorsmash',
           }
#post the story
r = requests.post(url, payload, cookies=redditCookie)
print 'posted story with hash:', mh
print 'and cookies:', redditCookie

#here's the response:
j = json.loads(r.text)
print 'response from API after submission'
pp(j)