'This Week' Transcript: Jeb Bush and Sen. Bernie Sanders

— -- THIS IS A RUSH TRANSCRIPT FOR 'THIS WEEK' ON JANUARY 24, 2016 and it will be updated.

ANNOUNCER: Starting right now on THIS WEEK WITH GEORGE STEPHANOPOULOS, chaos at crunch time. Just one week to Iowa and a fractured GOP taking aim at its frontrunners.

SEN. TED CRUZ (R-TX), PRESIDENTIAL CANDIDATE: Donald is getting really radical.

DONALD TRUMP (R), PRESIDENTIAL CANDIDATE: I could stand in the middle of Fifth Avenue and shoot somebody and I wouldn't lose any voters, OK?

ANNOUNCER: Can Trump hold off Cruz?

And can another Republican pull off a surprise?

We're on the ground in Iowa with eight days to go.

Plus, fight to the finish...

SEN. BERNIE SANDERS (I-VT), DEMOCRATIC PRESIDENTIAL CANDIDATE: Democracy is not a spectator sport.

HILLARY CLINTON (D), PRESIDENTIAL CANDIDATE: So stick with me.

ANNOUNCER: As Sanders surges ahead of Clinton, could he really pull off a stunning upset?

Bernie Sanders joins us live.

And former Mayor Michael Bloomberg considering a 2016 run -- could he change everything?

From ABC News, it's THIS WEEK.

Here now, co-anchor, Martha Raddatz.

(END VIDEOTAPE)

MARTHA RADDATZ, ABC HOST: Good morning.

And we're almost there. It's the final sprint in Iowa, just eight days to the very first votes of 2016 and both parties facing an identity crisis, with surprise outsiders on both sides looking like they could topple the insiders.

Just last night, "The Des Moines Register" went with the insiders, giving its coveted endorsements to Marco Rubio and Hillary Clinton.

And then there's that breaking news, Michael Bloomberg, billionaire and former New York mayor, putting together a plan to potentially mount a third party bid for president.

All that in just a moment, but we start with the massive winter storm, with millions of Americans waking up this morning buried under several feet of snow.

ABC News senior meteorologist Rob Marciano has all the latest from New York City, which came within just one tenth of an inch of topping its all-time snow record -- good morning, Rob.

Just how bad was this?

ROB MARCIANO, ABC NEWS CORRESPONDENT: Well, it, you know, over two feet of snow, as you mentioned. And for a 24 hour total, we did break that record.

But it's nothing like what we forecast. We didn't expect this much snow.

So that part of it may have caught the city by surprise, but they've done a fair job of digging things out. We thought ground zero would be in the Baltimore to DC corridor. That certainly got slammed with 20 plus inches of snow. And in areas just to the west -- you know, check out some of these numbers. I mean this is a huge swath of incredibly heavy snow.

Shepherdstown, West Virginia, 40.5 inches; Round Hill, Virginia, 36.3 inches; Somerset, PA, 35 inches; and almost three feet in Allentown, Pennsylvania.

And for the big cities, obviously, you literally just shut it down, because you've got no place to put this.

But look at what it looked like yesterday in Times Square. You never see it like this -- people just kind of walking the streets. There's a travel ban or there was a travel ban in effect. That has since been lifted, Martha.

But big cities like New York, Philly, Baltimore and DC brought to their knees with this crippling snowstorm.

RADDATZ: So concerns in the next couple of days, you mentioned a few of those challenges.

But what do you see in the next couple of days?