Rep. Don Bacon (R-Neb.) said Sunday that House Republicans are "probably nearing the conclusion" of their impeachment inquiry into President Biden.

Why it matters: It reflects a growing feeling among GOP lawmakers that the probe has failed to uncover evidence linking the president to his family members' business dealings.

What he's saying: Bacon said on NBC's "Meet the Press" that lawyers he's spoken to from the committees investigating Biden "say, at this point, there's not a specific crime that has been committed."

• "You need that for a high crime or misdemeanor," he said, referring to the basis for impeachment enumerated by the Constitution.
• Bacon argued that the Biden family finances "merited an investigation" and that he doesn't know whether it's time to drop it yet, but "we're probably nearing the conclusion of this investigation."

Between the lines: Bacon and other moderate and swing-district Republicans have soured on the investigation, with even House Oversight Committee Chair James Comer (R-Ky.) signaling a change in direction.

• Comer, in a fundraising appeal sent out last week, noted that any House impeachment vote is likely to die in the Senate and said criminal referrals are the "culmination" of the probe.
• "When President Trump returns to the White House, it's critical the new leadership at the DOJ have everything they need to prosecute the Biden Crime Family and deliver swift justice," the email said.

What to watch: Republicans have continued to plow ahead with the probe, most recently inviting Biden to testify to the committee.

• The committees have also increasingly turned to flashy public hearings and trying to dredge up damaging information about Biden.
• "I think it was important for the American people to see that, yes, there was $24 million in foreign money that the family raised and all the hidden LLCs that the money was moved around in," Bacon said.
• "But that, within itself, is not a high crime or misdemeanor," he added.