State Budget Relief Act of 2001

State Budget Relief Act of 2001 - Requires the Federal medical assistance percentage (FMAP) under title XIX (Medicaid) of the Social Security Act (SSA) for: (1) a State for FY 2001 to be substituted for the State's FMAP for FY 2002 if the FY 2002 FMAP would otherwise be less than the FY 2001 FMAP; and (2) each eligible State for each calendar quarter in FY 2002 to be increased by two percentage points. Mandates specified FMAP increases for States with high unemployment rates, and a specified Medicaid payment cap increase for territories. Prohibits application of the FMAP increases for a State under this Act with respect to: (1) disproportionate share hospital payments under Medicaid; and (2) payments under SSA titles IV and XXI (State Children's Health Insurance) (SCHIP).