Social Security Protection Act - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to require: (1) a sequestration of discretionary non-defense spending for FY 2002 equal to the size of any actual budget deficit for FY 2001; and (2) a final sequestration report by the Office of Management and Budget setting forth the receipts, outlays, and surplus or deficit for FY 2001 and the sequestration percentage necessary in FY 2002.