Social Security and Medicare Lock-Box Act of 2001

Social Security and Medicare Lock-Box Act of 2001 - Amends the Congressional Budget Act of 1974 to provide a point of order against consideration of any: (1) budget resolution that sets forth a surplus for any fiscal year that is less than the surplus of the Federal Hospital Insurance Trust Fund for such year; or (2) legislation that would cause any surplus to be less than the Fund surplus for the covered fiscal year.

Makes the point of order described in (1) above inapplicable to the extent that a violation would result from an assumption in the resolution of an increase in outlays or decrease in revenue relative to the baseline underlying the resolution for social security or Medicare reform legislation. Makes the point of order described in (2) above inapplicable to social security or Medicare reform legislation. Establishes the levels of surplus for purposes of enforcing the preceding points of order. Authorizes a waiver or suspension of such points of order only by an affirmative vote of three-fifths of the Members of the Senate.

Requires any Federal budget submitted by the President that recommends an on-budget surplus for any fiscal year that is less than the surplus of the Fund for such year to include a proposal for social security or Medicare reform legislation. Makes this Act inapplicable upon the enactment of social security and Medicare reform legislation. Defines "social security reform legislation" and "Medicare reform legislation" as a bill or joint resolution to save social security or Medicare, respectively, that specifies that it constitutes reform legislation.