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Personally, if I was looking for a budget bass, I would look at Ibanez. They do some really nice instruments at the budget end and tend to more consistent with their quality than Squire. I find that Squires really varies from instrument to instrument.
Ibanez, Schecter, or Peavey would be my personal opinion. All can be found dirt cheap used and as someone else mentioned I've found them to be more consistent at the budget end of the line than Squire. (Full Disclosure: I own a budget schecter so I am biased. I also play in a punk band though, and it works well for me.)