BREAKING: Kevin McCarthy announces formal impeachment inquiry into Joe Biden over ‘serious and credible allegations’ of corruption

"Taken together, these allegations paint a picture of a culture of corruption," McCarthy said in a statement.

"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 son’s and son’s business parters."

McCarthy said that nearly $20 million in payments to Biden family members and shell companies have been revealed by bank records, and that the Treasury Department has more than 150 transactions involving the Biden family and business associates being flagged as suspicious activity.

"These are allegations of abuse of power, obstruction and corruption. They warrant further investigation by the House of Representatives."

"That's why today I am directing our house committee to open a formal impeachment inquiry into President Joe Biden. This logical next step will give our committees the full power to gather all the facts and answers for the American public."

The effort will be led by Chairman James Comer of the Committee on Oversight in coordination with Chairman Jim Jordan of the Judiciary Committee and Chairman Jason Smith on the Ways and Means Committee.

"Do not make this decision lightly. Regardless of your party, or who you voted for. These facts should concern all Americans."

McCarthy said he "would encourage the President and his team to fully cooperate with this investigation in the interests of transparency."

This is a breaking story and will be updated.