So I figured out some things with my problem, but still haven't solved it completely.
I believe I have narrowed down my issues to something with the HDMI output. I had changed some settings in the config.txt pertaining to the HDMI output, and after commenting these again, and then only uncommenting hdmi_safe=1 my Pi was able to boot up.
The problem then is, I am outputting a terrible resolution in which windows cannot even properly be displayed on the screen. I did some more research and tried changing more settings in my config.txt, such as hdmi_group and hdmi_mode to the proper settings for my monitor, config_hdmi_boost=4 on/off, and basically every other combination possible.
The thing is, my hdmi output works every time, that is, when I plug the power into my Raspberry Pi 2 Model B running Jessie, with the HDMI cable plugged into both the Pi and my monitor, the boot screen is displayed every time with whatever resolution was set in my config.txt file.
But, the only time it will fully boot up is if ONLY hdmi_safe=1 is uncommented. Otherwise it gets stuck booting with the error message in the title of this thread.
Could this be a power issue? This is the power supply I am using: https://www.sparkfun.com/products/12890
Below is a picture of what the startup looks like when it gets frozen (and here is a direct link to the image http://i.imgur.com/fD0fl8o.jpg?2
). Any help is greatly appreciated! Thanks!