Democrats in the U.S. House of Representatives on Dec. 10 announced two articles of impeachment against President Donald Trump — abuse of power and obstruction of Congress — in relation to his dealings with Ukraine ahead of the 2020 elections.
Trump is facing allegations that he had pressured Ukrainian President Volodymyr Zelensky to investigate former Vice President Joe Biden, who is running as a Democrat for president.
With his actions, Trump committed "high crimes and misdemeanors," according to House Judiciary Committee Chairman Jerry Nadler, D-N.Y. The committee is expected to vote on the articles of impeachment later this week, setting up the full House vote next week, which would trigger a trial in the Senate.
House Intelligence Committee Chairman Adam Schiff, D-Calif., said the evidence of Trump's alleged misconduct is "overwhelming and uncontested."
Trump again denied any wrongdoing following the Democrats' announcement, calling the impeachment proceedings, which began with an inquiry launched in September, a "witch hunt."
Earlier in the day, the National Federation of Independent Business said that the impeachment process "is proving to have little, if any, impact on small-business owners." Optimism in the U.S. small business sector surpassed market expectations in November, registering the sharpest increase since May 2018.
The impeachment process also has yet to affect U.S. consumer confidence. Only 1% of households surveyed by the University of Michigan cited the issue when asked about their economic outlook.