The overall goals of this study are to: To find out if subjects with standard risk DS AML can be treated with less treatment and still have successful outcomes. To find out if subjects with high risk DS AML can be successfully treated with stronger chemotherapy. In addition to the treatment goals, we would like to answer several research questions that might benefit future patients. The general goals of these research questions are: To understand the biology of DS AML better so it can help predict response to treatment. To see if a reduction in therapy for standard risk subjects decreases the number of side effects and days of hospitalization compared to a previous COG study. To compare different methods for analyzing bone marrow for residual leukemia cells that are not detectable at the microscopic level, also known as minimal residual disease (MRD). To create a DS AML cell bank for future research studies.