This bill would exempt certain state payments from automatic budget cuts known as sequestration. In 2011, Congress said if they couldn't reduce the deficit by $4 trillion, about $1 trillion in budget cuts would automatically kick in in 2013. Congress didn't, and the cuts have, and this has meant that states aren't getting payments owed to them.
The bill deals with payments tied to three separate Acts--the Mineral Leasing Act (MLA), the Gulf of Mexico Energy Security Act (GOMESA), and the RESTORE Act--in addition to the Wildlife and Sport Fish Restoration Program. States are currently on a one-year delay for receiving these funds, which are managed by the U.S. Department of the Interior and the Office of Management and Budget (OMB). None of the accounts are funded with taxpayer dollars. Save for the Restoration Program, this is private sector (coal, oil) money paid to the federal government in order to lease land. This money is held by the federal government, and ultimately re-disbursed to states. (The Restoration Program is different, and involves competitive grants.) The bill, then, would make sure that our national deficit and Congress's lack of ability to solve our debt does not affect the re-disbursement of these funds.