Protecting Priorities and Restoring Budget Disciplines Act of 2002

Protecting Priorities and Restoring Budget Disciplines Act of 2002 - Requires the Director of the Office of Management and Budget to reduce any balances of direct spending and receipts legislation for FY 2002 and 2003 to zero.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to extend Pay-As-You-Go provisions through FY 2007.

Expresses the sense of Congress that the President should agree upon an extension of the discretionary spending limits by establishing caps for FY 2003 through 2007.

Extends discretionary spending limits.