(The Center Square) -A Biden-era health care subsidy under Medicare Part D will no longer be available in 2027, the Trump administration announced, as the costs of the prescription drug coverage plan continue to rise rapidly. “Every Medicare beneficiary still has access to low-cost plans, and we will continue to lower prescription drug prices for every American patient.” Now, CBO estimates that Medicare prescription drug spending under the law will actually increase the federal deficit by about $700 billion. “Overall price inflation has increased more rapidly than CBO anticipated in 2022, which raised the benchmarks CMS uses to calculate manufacturers’ inflation rebates,” CBO explained. The office also admitted that it “significantly underestimated the increase in per-enrollee costs” from the IRA’s drug pricing program redesign.