WASHINGTON -- President Donald Trump on Monday signed an executive order that is meant to severely cut the number of federal regulations, delivering on another campaign promise that White House officials believe will spur economic growth.

The executive order will require two regulations to be eliminated for every new one created, administration officials said. They said it would be the biggest regulatory change since the Reagan administration. The order caps costs of new regulations for the remainder of the fiscal year and creates a budget process for new regulations in the next fiscal year, which begins in October. This budget, separate from the congressional appropriation process, will be set by the White House.