President Trump literally cut government red tape at an event on deregulation on Wednesday. With large, golden scissors, the president sliced through a red ribbon between a small pile of paper representing regulations in 1960 and a gigantic pile of paper representing regulations today.

"When we're finished, which won't be too long of a time, we will be less than where we were in 1960, and we will have a great regulatory climate," Trump said.

The president said in his earlier remarks that his administration was cutting 22 regulations for every regulation that they added.