A bill to avoid a pay-go sequestration for fiscal year 2001.

Requires the Director of the Office of Management and Budget, in preparing the final sequestration report required by the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) for FY 2001, to change any balance of direct spending and receipts legislation for FY 2001 under pay-as-you-go provisions to zero.

Treats as direct spending or receipts legislation under pay-as-you-go provisions certain legislation enacted in the Department of Transportation and Related Agencies Appropriations Act, 2001 and the Legislative Branch Appropriations Act, 2001 (including provisions regarding the repeal of the excise tax on telephone and other communications services) that would have been estimated as changing direct spending or receipts under such provisions were it included in an Act other than an appropriation Act.