"This Week" Transcript: Sen. Ted Cruz; Detroit Mayor Dave Bing

NEW YORK, July 21, 2013— -- A rush transcript of "This Week with George Stephanopoulos" airing on Sunday morning, July 21, 2013 on ABC News is below. This copy may not be in its final form and may be updated.

STEPHANOPOULOS: The president gets personal.

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BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Trayvon Martin could have been me.

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STEPHANOPOULOS: On crime, prejudice, justice, and community.

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OBAMA: I think it's going to be important for all of us to do some soul searching.

STEPHANOPOULOS: This morning, a special conversation right here on race in America.

And Motown down.

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RICK SNYDER, GOVERNOR OF MICHIGAN: The city is basically broke.

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STEPHANOPOULOS: After Detroit goes bankrupt, can the Motor City move from crisis to comeback?

Plus, it's never too early.

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SEN. TED CRUZ, (R) TEXAS: Today is the first time I've been to Iowa.

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STEPHANOPOULOS: This Tea Party Texan, a freshman senator, sure looks like he's running for president already.

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CRUZ: Let's stand up, stand for principles, stand for the constitution.

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STEPHANOPOULOS: We're on the trail in Iowa with Ted Cruz.

All of that and the powerhouse roundtable this Sunday morning.

ANNOUNCER: From ABC News, This Week with George Stephanopoulos starts now.

STEPHANOPOULOS: It came by surprise on a sleepy hot summer Friday, America's first black president slipping into the briefing room for his most personal speech yet on race. No teleprompter, few notes. As the debate over Trayvon Martin's death roiled the country, the president told aides he would speak from the heart on being a black man in America.

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OBAMA: There are very few African-American men in this country who haven't had the experience of being followed when they were shopping in a department store. That includes me. There are very few African-American men who haven't had the experience of walking across the street and hearing the locks click on the doors of cars. That happened to me, at least before I was a senator.

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STEPHANOPOULOS: A remarkable admission sparked by divisive questions. Did Trayvon Martin die because he was black? Was George Zimmerman acquitted because he is not?

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OBAMA: And that all contributes, I think, to a sense that if a white male teen was involved in the same kind of scenario, that from top to bottom, both the outcome and the aftermath might have been different.

I just ask people to consider, if Trayvon Martin was of age and armed, could he have stood his ground on that sidewalk?

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STEPHANOPOULOS: The president then reflected on what all of us can do to bridge our differences, closing with a father's pride.

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OBAMA: When I talk to Malia and Sasha, and I listen to their friends, they're better than we are.

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STEPHANOPOULOS: And a president's hope.

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OBAMA: We're becoming a more perfect union, not a perfect union, but a more perfect union.

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STEPHANOPOULOS: In our program today, we'll continue the conversation the president sparked on Friday. And we begin with This Week's headline from what's been called America's most racially polarized city. Detroit declared bankruptcy, Thursday, the largest American city ever to do so. And we're joined now by the mayor of Detroit, Dave Bing.