Clofarabine and Cytarabine in Treating Older Patients With AML or High-Risk MDS

Inclusion Criteria: * Diagnosis of 1st relapse or refractory AML; or patients with high risk MDS (10-19% blasts) who have received previous therapy 1st remission must have been \< 1 year * Must not have received previous ara-C (cytarabine) or clofarabine * Eastern Cooperative Oncology Group (ECOG) Performance Status of 0-2 * Not candidates for standard 7 + 3 regimen (Ara-C and an anthracycline), high dose Ara-C, or hematopoietic stem-cell transplantation * Serum creatinine =\< 1.0 mg/dL; if serum creatinine \> 1.0 mg/dL, then the estimated glomerular filtration rate (GFR) must be \> 50 L/min/1.73 m\^2 as calculated by the Modification of Diet in Renal Disease equation * Serum bilirubin =\< 1.5 x upper limit of normal (ULN) * Aspartate aminotransferase (AST)/alanine aminotransferase (ALT) =\< 2.5 x ULN * Alkaline phosphatase =\< 2.5 x ULN * Capable of understanding the investigational nature, potential risks and benefits of the study, and able to provide valid informed consent * Female patients of childbearing potential must have a negative serum pregnancy test within 2 weeks prior to enrollment * Male and female patients should use an effective contraceptive method during the study and for a minimum of 6 months after study treatment Exclusion Criteria: * Current concomitant chemotherapy, radiation therapy, or immunotherapy other than as specified in the protocol * Patients with acute promyelocytic leukemia (APL) * Use of investigational agents within 30 days or any anticancer therapy within 2 weeks before study entry with the exception of hydroxyurea; the patient must have recovered from all acute toxicities from any previous therapy * Have any other severe concurrent disease, or have a history of serious organ dysfunction or disease involving the heart, kidney, liver, or other organ system that may place the patient at undue risk to undergo treatment * Patients with a systemic fungal, bacterial, viral, or other infection not controlled (defined as exhibiting ongoing signs/symptoms related to the infection and without improvement, despite appropriate antibiotics or other treatment) * Pregnant or lactating patients * Any significant concurrent disease, illness, or psychiatric disorder that would compromise patient safety or compliance, interfere with consent, study participation, follow up, or interpretation of study results * Have had a diagnosis of another malignancy, unless the patient has been disease free for at least 3 years following the completion of curative intent therapy including the following: * Patients with treated non-melanoma skin cancer, in situ carcinoma, or cervical intraepithelial neoplasia, regardless of the disease-free duration, are eligible for this study if definitive treatment for the condition has been completed. * Patients with organ-confined prostate cancer with no evidence of recurrent or progressive disease based on prostate-specific antigen (PSA) values are also eligible for this study if hormonal therapy has been initiated, or a radical prostatectomy or definitive radiotherapy has been performed * Have currently active gastrointestinal disease, or prior surgery that may affect the ability of the patient to absorb oral clofarabine