The opposition bloc in Venezuela refused President Nicolas Maduro's decree requesting for emergency powers noting that it will not serve the current recession in the country.

Reuters reported that the Congress, which is now led by the opposition, went against Maduro's proposition with a landslide vote of 107 to 54.

WSB-TV shared that the decree proposed by Maduro aimed to give the President wider authority and power to control the budget and the currency for 60 days.

If, in the past years, Congress would simply approve decrees like this, today is different since opposition lawmakers are now in control of the Congress after 17 years.

The opposition believes that Maduro already has all the power he needs, noting that he is actually the root cause of the economic problem of Venezuela.

The news outlet added that the International Monetary Fund has recently predicted that the inflation in the country would double this year and could potentially reach 720 percent.

However, prior to the vote on the decree, the President already announced that the country's small export sector can already choose a currency exchange that is favorable for them.

He also did not miss expressing his disappointment on the Congress' rejection of his proposed decree.

"I'm very sorry the National Assembly is turning its back on the country ... They prefer shows and confrontation," he said in the Reuters report.

Opposition congressman Jose Guerra said in a Bloomberg report that the cause of the country's problem is actually "a failed model," which has led to the economic recession.

However, economist Asdrubal Oliveros noted that this tension in the government would only make things worse for the country.

"In such a severe economic crisis, the last thing Venezuela needs is a showdown between its public powers. And this is just one more round," he added.

For its part, the opposition has expressed its willingness to help the country recover from its current state.

Majority leader Julio Borges mentioned that they are not closing any doors for now.

"On the contrary, today we opened the door to a serious discussion. We're not looking to double down on the same policies that got us into this crisis. What we need is real change," he added.

The new Congress earlier expressed its plan to oust Maduro from his post, as per TelesurTV.

Opposition leaders are also hoping to make long-needed changes in the existing policies and programs of the government and push for the amnesty for political prisoners.

It was also highlighted that the programs of the opposition would center on human rights, equality and the rights of women, persons with disabilities and indigenous communities.