Cruz Beats Trump to Win Iowa Caucus While Clinton Takes Narrow Lead Over Sanders

Texas Senator Ted Cruz was victorious in Iowa's Republican caucuses on Monday, besting frontrunner Donald Trump.

The loud-mouthed billionaire drew 24 percent to Cruz's 27 percent. Florida Senator Marco Rubio closely nipped at their heels with a stronger-than-expected 23 percent.

Read: Cops Found Ted Cruz's Wife on Roadside, Thought She Was a Danger to Herself

As the results came in, Cruz said: "Iowa has sent notice that the Republican nominee and next president of the United States will not be chosen by the media, will not be chosen by the Washington establishment."

Despite his loss, Trump vowed to continue to fight for the White House.

"We finished second, and I want to tell you something: I'm just honored," Trump said. "We're just so happy with the way everything worked out."

He added: "We will go on to easily beat Hillary or Bernie or whoever the hell they throw up."

Among the Democrats, there was a virtual tie between Bernie Sanders and Hillary Clinton, with Clinton appearing to have the slight edge.

Without declaring a winner, Iowa Democratic Chair Dr. Andy McGuire called the results "the closest in Iowa Democratic caucus history."

Clinton took 699.57 state delegate equivalents while Sanders took 695.49, Dr. McGuire said in a statement early Tuesday. Trailing behind was Martin O'Malley with 7.68.

Read: Meet Bernie Sanders' Secret Weapon: His Makeup Artist

Speaking at her own rally, Clinton said she was "breathing a big sigh of relief," even though the race with Sanders was too close to call.

"It is rare that we have the opportunity we do now, to have a real contest of ideas, to really think hard about what the Democratic Party stands for and what we want the future of our country to look like," she said.

Watch: Ted Cruz Reveals Life Goals in Old Video: 'Riches, Power and World Domination'