President Nicolas Maduro failed to secure far-reaching powers he says he needs to address triple-digit inflation and Venezuela’s deepest recession in over a decade as the National Assembly refused to pass his emergency economic decree bill.
The decree, submitted by Maduro to congress on Jan. 15, would have granted the executive such powers as oversight of the country’s budget, public and private production, as well as distribution of essential goods. In elections last month, the opposition gained majority control of the legislature for the first time in 16 years, upending the country’s long-standing balance of power. The bill was turned down in a 107-53 vote.
