I bled the brakes until all the air bubbles stopped coming out. Tomorrow i'll go ahead and totally replace the fluid. Since i'll be doing that I am going to take a look at the master cylinder as well as recommended. Thanks for all the help, i'll post back with results.

 

That's great. Do as Marc0011 said and clean out the master cylinder. If you don't have any steel wool, you can use a scotch brite pad or a brillo pad. Any of them will do a good job on the inside of the master cylinder. If you had a rebuild kit, that would make it feel like new again.