House Speaker Kevin McCarthy announces formal impeachment inquiry against President Biden

House Speaker Kevin McCarthy on Tuesday said House Republicans have "uncovered serious and credible allegations into President Biden's conduct" that will serve as the basis of an impeachment inquiry. 

McCarthy gave a statement at the Capitol Tuesday detailing allegations of "abuse of power, obstruction and corruption" by Biden. He announced that Republicans would open an official impeachment inquiry into the president.

"Through our investigations, we have found that President Biden did lie to the American people about his own knowledge of his family's foreign business dealings. Eyewitnesses have testified that the president joined on multiple phone calls and had multiple interactions, dinners resulted in cars and millions of dollars into his sons and his son's business partners," McCarthy said.

Earlier, Fox News Digital confirmed that McCarthy will tell House Republicans today that beginning an impeachment inquiry against Biden is the "logical next step" for their investigations. An inquiry is the first step of the impeachment process, where evidence is gathered for the articles, or charges, of impeachment against an official. 

MCCARTHY TO GREEN LIGHT BIDEN IMPEACHMENT INQUIRY THIS WEEK

Kevin McCarthy, Speaker of the US House of Representatives, attends the 21st G7 Speakers' Meeting in Tokyo on September 8, 2023. (KAZUHIRO NOGI/AFP via Getty Images)

The House GOP conference plans to hold a meeting on Thursday morning for key committee chairs to lay out their latest findings and the status of the investigations into the Biden family. House Judiciary Committee Chairman Rep. Jim Jordan, R-Ohio, and House Oversight Committee Chairman Rep. James Comer, R-Ky., are expected to lead Thursday's meeting. 

This special conference meeting on Thursday is in addition to Wednesday morning’s regularly scheduled weekly GOP meeting where leadership typically lays out priorities for the week. Thursday's scheduled meeting was first reported by Punchbowl News. 

In a statement responding to reports about the impending inquiry, White House spokesman for oversight and investigations Ian Sams blasted the effort as politically motivated. He accused McCarthy of advancing an impeachment probe to placate hardliners in the GOP conference. 

"McCarthy is being told by [Rep. Marjorie Taylor Greene, R-Ga.] to do impeachment, or else she’ll shut down the government," Sams said. "Opening impeachment despite zero evidence of wrongdoing by POTUS is simply red meat for the extreme right wing, so they can keep baselessly attacking him." 

This is a developing story and will be updated. 

Chris Pandolfo is a writer for Fox News Digital. Send tips to This email address is being protected from spambots. You need JavaScript enabled to view it. and follow him on Twitter @ChrisCPandolfo.