Fiscal Integrity of Indian Settlements Protection Act of 2001

Fiscal Integrity of Indian Settlements Protection Act of 2001 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to provide that if an appropriation bill or joint resolution is enacted for FY 2002 that includes an appropriation authorized previously by a law approving a negotiated settlement of disputes of Indian water rights or land claims, the adjustment to discretionary spending limits to be included in any sequestration report or subsequent budgets submitted by the President shall: (1) be the amount of budget authority in that measure and the outlays flowing in all fiscal years from that authority; and (2) not exceed $200 million in budget authority.

Amends the Congressional Budget Act of 1974 to require adjustments to the discretionary spending limits, budget allocations, and budgetary aggregates for the new budget authority provided for FY 2002, not to exceed $200 million, by a measure reported from committee, amended, or reported from conference for payments authorized previously for such settlement, as long as the adjustments do not, when taken together with all other previously enacted legislation (except for any legislation enacted pursuant to a specified section of H. Con. Res. 83 (107th Congress), reduce the on-budget surplus below the level of the Medicare Hospital Insurance Trust Fund surplus in any fiscal year covered by the most recently adopted concurrent resolution on the budget.