RATIONALE: Drugs used in chemotherapy use different ways to stop cancer cells from dividing so they stop growing or die. Combining more than one drug may kill more cancer cells.

PURPOSE: Phase II trial to study the effectiveness of homoharringtonine plus low-dose cytarabine in treating patients who have newly diagnosed chronic phase chronic myelogenous leukemia.

OBJECTIVES: I. Assess the hematologic and cytogenetic response rate of newly diagnosed patients with chronic myelogenous leukemia treated with homoharringtonine and low dose cytarabine. II. Assess the toxicity of this combination regimen in these patients.

OUTLINE: Patients receive cytarabine and homoharringtonine concurrently by continuous intravenous infusion for 7 days. Courses repeat every 28 days. Patients receive a minimum of 9 courses of therapy in the absence of disease progression and unacceptable toxicity. Patients who are major cytogenetic responders at 9 months may continue therapy or switch to interferon. Minor cytogenetic responders are switched to interferon, and nonresponders are removed from therapy and given the option to switch to interferon. Patients are followed every 6 months for 10 years.

PROJECTED ACCRUAL: This study will accrue up to 60 patients in 1.5 years.

• Drug: cytarabine
• Drug: omacetaxine mepesuccinate

DISEASE CHARACTERISTICS: Histologically proven, newly diagnosed chronic myelogenous leukemia in chronic phase Must meet one or more of the following criteria: Cytogenetically determined Philadelphia chromosome (Ph+) BCR/ABL protein detectable by immunoblotting Polymerase chain reaction positive fusion transcripts for BCR/ABL BCR/ABL translocation present by fluorescence in situ hybridization Must be ineligible for early allogeneic bone marrow transplant Must be registered on companion protocols CALGB-9665 and CALGB-29801

PATIENT CHARACTERISTICS: Age: 16 and over Performance status: ECOG 0-2 Life expectancy: Not specified Hematopoietic: Not specified Hepatic: Bilirubin no greater than 1.5 times upper limit of normal (ULN) Renal: Creatinine no greater than 1.5 times ULN Other: Not pregnant or nursing Fertile patients must use effective contraception

PRIOR CONCURRENT THERAPY: Biologic therapy: No prior interferon therapy Chemotherapy: No more than 8 weeks of prior hydroxyurea therapy No prior homoharringtonine No prior busulfan or cytarabine for disease No other concurrent chemotherapy Endocrine therapy: No concurrent hormone therapy except for nondisease related conditions No concurrent dexamethasone or other steroidal antiemetics Radiotherapy: No concurrent palliative radiotherapy for splenomegaly Surgery: No concurrent surgical splenectomy except in emergency situation