NASA calls it SLS the SPACE LAUNCH SYSTEM, you've seen it before as ARES V.  New paint, new name higher cost.  Cancellation bait for the budget.  Can we really afford this?  Didn't NASA pull the plug on this last year.   You have to wonder what were these people thinking.
 (from the NASA Press release)
The SLS rocket will incorporate technological investments from the Space Shuttle program and the Constellation program in order to take advantage of proven hardware and cutting-edge tooling and manufacturing technology that will significantly reduce development and operations costs. It will use a liquid hydrogen and liquid oxygen propulsion system, which will include the RS-25D/E from the Space Shuttle program for the core stage and the J-2X engine for the upper stage. SLS will also use solid rocket boosters for the initial development flights, while follow-on boosters will be competed based on performance requirements and affordability considerations. The SLS will have an initial lift capacity of 70 metric tons. That's more than 154,000 pounds, or 77 tons, roughly the weight of 40 sport utility vehicles. The lift capacity will be evolvable to 130 metric tons -- more than 286,000 pounds, or 143 tons -- enough to lift 75 SUVs. The first developmental flight, or mission, is targeted for the end of 2017.