Phase 2, Endocrine Therapy + OSI-906 With or Without Erlotinib for Hormone-sensitive Metastatic Breast Cancer

DISEASE CHARACTERISTICS:

* Histologically confirmed invasive breast carcinoma

  * Stage IV disease
* No locally recurrent resectable disease
* No symptomatic brain metastases

  * History of brain metastases allowed provided the patient is clinically stable for \> 3 weeks after completion of radiotherapy AND is not taking steroids or therapeutic anticonvulsants that are CYP3A4 modifiers
* Hormone receptor status:

  * Estrogen receptor and/or progesterone receptor positive tumor by immunohistochemistry (IHC)

PATIENT CHARACTERISTICS:

* Pre- or post-menopausal
* ECOG performance status 0-1
* Life expectancy ≥ 6 months
* ANC ≥ 1,250/mm\^3
* Platelet count ≥ 100,000/mm\^3
* Creatinine ≤ 1.5 times upper limit of normal (ULN)
* Bilirubin ≤ 1.5 times ULN (≤ 3 times ULN if liver metastasis is present)

  * For patients with Gilbert syndrome, direct bilirubin will be measured instead of total bilirubin
* SGOT and SGPT ≤ 1.5 times ULN (≤ 3 times ULN if liver metastasis is present)
* Alkaline phosphatase ≤ 1.5 times ULN (≤ 3 times ULN if liver metastasis is present)
* Not pregnant or nursing
* Negative pregnancy test
* Fertile patients must use effective barrier contraception during and for 3 months after completion of study therapy
* Able to swallow and retain oral medication
* Baseline QTc ≤ 450 msec
* No other invasive cancer within the past 5 years except for completely resected basal cell or squamous cell skin cancer or successfully treated cervical carcinoma in situ
* No malabsorption syndrome significantly affecting gastrointestinal function
* No diabetes, fasting glucose \> 150mg/dL, or receiving ongoing anti-hyperglycemic therapies
* No concurrent uncontrolled illness including, but not limited to, any of the following:

  * Ongoing or active infection requiring parenteral antibiotics
  * Impaired lung function (i.e., COPD or lung conditions requiring oxygen therapy)
  * Symptomatic congestive heart failure (NYHA class III or IV heart disease)
  * Unstable angina pectoris, angioplasty, stenting, or myocardial infarction within the past 6 months
  * Uncontrolled hypertension, defined as systolic BP \> 180 mm Hg or diastolic BP \> 100 mm Hg on two consecutive measurements taken ≥ 1 week apart, despite adequate medical support
  * Clinically significant cardiac arrhythmia (multifocal premature ventricular contractions, bigeminy, trigeminy, or ventricular tachycardia that is symptomatic or requires treatment)
  * Psychiatric illness and/or social situation that would compromise patient safety or limit compliance with study requirements, including maintenance of a compliance/pill diary

PRIOR CONCURRENT THERAPY:

* See Disease Characteristics
* Recovered from prior therapy
* At least 2 weeks since prior investigational drugs
* No more than 4 prior chemotherapy treatments in the metastatic setting

  * Does not include endocrine therapy or single-agent biologic therapy
* No concurrent CYP3A4 or CYP1A2 modifiers
* No other concurrent anticancer therapy, including chemotherapy, radiotherapy, surgery, immunotherapy, hormonal therapy, or biologic therapy

  * Concurrent radiotherapy to painful bone metastases or areas of impeding bone fracture allowed provided radiotherapy is initiated before study therapy