Protecting Medicare and American Farmers from Sequester Cuts Act This bill makes several budgetary, technical, and procedural changes, particularly in relation to Medicare and increasing the debt limit. Specifically, the bill continues to exempt Medicare from sequestration until March 31, 2022. (Sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals.) The bill also establishes expedited Senate procedures for considering legislation to increase the debt limit. The procedures limit debate, waive points of order, and prohibit amendments. The procedures may only be used once and expire after January 16, 2022. Additionally, the bill (1) temporarily extends other provisions under Medicare, including a payment increase under the physician fee schedule; and (2) requires any debits recorded for FY2022 on the statutory pay-as-you-go (PAYGO) scorecards to be deducted from the scorecards for 2022 and added to the scorecards for 2023.