President Donald Trump said Tuesday that he would release the full transcript of his July phone call with Ukrainian President Volodymyr Zelensky, while Speaker of the House Nancy Pelosi announced that the House would proceed with a formal impeachment inquiry of Trump for seeking the help of a foreign power against a political opponent.

“The actions taken to date by the president have seriously violated the Constitution,” Pelosi said, and adding that "no one is above the law."

According to CNN reporter Manu Raju, House Ways and Means Chairman Richard Neal exited Pelosi's office and said that the six chairmen will continue to investigate the Ukraine situation under the umbrella of an impeachment inquiry.

Trump tweeted that he will release a "complete, fully declassified and unredacted transcript of my phone conversation with President Zelensky of Ukraine."

Trump allegedly pressed Zelensky eight times in the call to investigate Joe Biden's son, Hunter, who was on the board of directors of a Ukrainian energy company. Days prior to the call, $400 million of congressionally approved military aid to Ukraine had been withheld.

An unnamed whistleblower in August claimed that Trump made a "promise" to Zelensky. The military aid could have been used as a reward by Trump in order to get Ukraine to dig up compromising information on Hunter Biden and Joe Biden, who is a frontrunner to win the Democratic nomination.

House Intelligence Committee chairman Rep. Adam Schiff, D-Calif., has said that this anonymous whistleblower is willing to speak to the committee "as soon as this week."

The idea that Trump possibly used the aid in a quid pro quo arrangement to entice a foreign country to interfere with U.S. elections has caused Democrats to call for impeachment. Pelosi is meeting with the entire Democratic caucus in the afternoon and is expected to announce a formal impeachment inquiry into the president this evening.

Pelosi, who had been reluctant on the impeachment issue, had said that she is "ready" when asked if the Democratic caucus will take the next steps on impeachment.

"That's why I've said as soon as I have the facts, we're ready. Now we have the facts, we're ready," Pelosi said at the Atlantic Festival in Washington, D.C.

During the Atlantic Festival event, Pelosi reportedly implied that Trump's pressuring of a foreign leader to investigate a domestic opponent could set the bar for impeachment, regardless whether a quid pro quo arrangement with military aid was involved.

At least 173 House Democrats approve of some type of impeachment action against Trump, in addition to independent Michigan Rep. Justin Amash.

White House Press Secretary Stephanie Grisham has said that the reports of an impeachment inquiry are "nothing new" and that "The Democrats continue to weaponize politics when they should be working on behalf of their constituents."

Joe Biden has said that Congress would have no choice to initiate impeachment proceedings if Trump continues to obstruct congressional investigations.