House Republicans, led by Speaker Kevin McCarthy, R-Calif, began a formal impeachment inquiry of President Joe Biden.

The inquiry stems from allegations he conspired with Biden family members to engage in a pay-for-play scheme that netted millions from foreign businessmen and sovereign states.

“Well, I tell you what, I don’t know quite why, but they just knew they wanted to impeach me,” President Biden said. “Now, best I can tell they want to impeach me because they want to shut down the government.”

These remarks were made during a campaign reception in McLean, Va., according to a report from The Hill.

The president claimed Rep. Marjorie Taylor Greene, R-Ga., had expressed intentions to impeach him from the very first day of his presidency.

“Everybody always asked about impeachment,” Biden said. “I get up every day not focused on impeachment, I’ve got a job to do. I’ve got to deal with issues that affect the American people every single solitary day.”

Speaker McCarthy, addressing the Capitol, emphasized the gravity of the allegations.

“House Republicans have uncovered serious and credible allegations into President Biden’s conduct,” McCarthy remarked. “Taken together, these allegations paint a picture of a culture of corruption.”

“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,” the Speaker continued.

“Eyewitnesses have testified that the president joined on multiple phone calls and had multiple interactions,” added McCarthy. “Dinners resulted in cars and millions of dollars into his sons and his son’s business partners.”

White House Press Secretary Karine Jean-Pierre denied wrongdoing by the president.

“Even House Republicans have said the evidence does not exist,” claimed Ms. Jean-Pierre in a Wednesday press briefing at the White House.

While the initiation of the impeachment inquiry does not guarantee Biden will be impeached, there is a prevailing expectation that articles of impeachment will be drafted for consideration, the New York Post reported.

Republican lawmakers have introduced five resolutions to impeach Biden for “high crimes and misdemeanors” related to attempts to protect his family’s business activities from congressional and Justice Department scrutiny.

As the end of the month approaches, Speaker McCarthy faces the dual challenge of overseeing the impeachment inquiry while also ensuring the government is funded.

Absent any action, the federal government is at risk of a shutdown. Some House Republicans have advocated for prioritizing spending cuts ahead of the Sept. 30 government funding deadline.

Reports suggest McCarthy has proposed to GOP members the idea of passing a short-term bill, known as a continuing resolution, while a more extended funding agreement is negotiated.

House Freedom Caucus members have declared opposition to any interim measure intended to prevent a shutdown, according to a New York Post report.