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KEY POINTS House Speaker Nancy Pelosi is expected to announce a formal impeachment inquiry into President Donald Trump on Tuesday, two sources told CNBC.

Earlier Tuesday, Pelosi said that Democrats are "ready," when asked whether she and her caucus will take steps toward Trump's impeachment.

A flood of Democrats are calling for impeachment actions against Trump following reports that Trump had asked Ukraine's president multiple times to investigate former Vice President Joe Biden's son during a phone call in July.

House Speaker Nancy Pelosi is expected to announce a formal impeachment inquiry into President Donald Trump on Tuesday, two sources told CNBC. Earlier Tuesday, Pelosi said that Democrats are "ready," when asked whether she and her caucus will take steps toward Trump's impeachment. "That's why I've said as soon as we have the facts, we're ready. Now we have the facts, we're ready … for later today," Pelosi said at The Atlantic Festival in response to a question about impeachment. The Washington Post reported earlier Tuesday afternoon that Pelosi would announce a formal impeachment inquiry after meeting with Democratic lawmakers. She is expected to make a statement around 5 p.m. ET, following meetings with congressional leadership and her caucus, according to NBC News. Pelosi has until now resisted Democrats' calls for Trump's impeachment, which have grown steadily in intensity since the release of special counsel Robert Mueller's Russia report. She has been privately weighing a possible impeachment inquiry for months — but early Tuesday morning, Pelosi's allies were convinced she would not go down that route, sources told CNBC. Hours later, however, those same people were told that she's planning to move ahead with the inquiry, the sources said. But more than a dozen Democrats have come out for impeachment within the past week, following bombshell reports that Trump had asked Ukraine President Volodymyr Zelensky multiple times to investigate Biden's son, Hunter Biden, during a phone call in July.

House Speaker Nancy Pelosi (D-CA) waits to speak at a labor rally held by the AFL-CIO for government employees outside the U.S. Capitol September 24, 2019 in Washington, DC. Will McNamee | Getty Images