Daunorubicin & Cytarabine +/- Zosuquidar inTreating Older Patients With Newly Diagnosed Acute Myeloid Leukemia or Refractory Anemia

Inclusion Criteria: One of the following disorders: * Acute myeloid leukemia (AML), defined as \>30% myeloblasts on the marrow aspirate or peripheral blood differential and any French-American-British (FAB) subtype except M3 (i.e., acute promyelocytic leukemia) * Refractory anemia with excess blasts (RAEB), defined as 11-20% myeloblasts on bone marrow aspirate or peripheral blood differential, provided there are other criteria for high-risk disease * Refractory anemia with excess blasts in transformation (RAEB-T), defined as 21-30% myeloblasts on bone marrow aspirate or peripheral blood differential * Participants may have secondary AML * Age greater than 60 years * ECOG performance status of 0 to 3 * Total serum bilirubin \< 3 mg/dL * Serum creatinine \< 2 mg/dL * Cardiac ejection fraction of \> 45% Exclusion Criteria: * Blastic transformation of chronic myelogenous leukemia * CNS leukemia * Prior chemotherapy for AML, with the exception of hydroxyurea * For women: pregnant or breast feeding * Other malignancy for which participant is currently receiving treatment * Concurrent treatment with other colony-stimulating factors