Children's Health Protection and Eligibility Act of 2003 - Amends title XXI (State Children's Health Insurance Program) (SCHIP) of the Social Security Act to: (1) provide for the retention and redistribution through FY 2004 of SCHIP allotments for FY 1998 through 2000; and (2) authorize qualifying States to use SCHIP funds for Medicaid expenditures.
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