Green’s Dictionary of Slang

(US campus/UK juv.) a general negative, applied to people or objects, e.g. inferior, second-rate, stupid.

1985		Eble Campus Sl. Apr. 2: budget – inappropriate, falling short of acceptable.
1997–2000		Da Bomb 🌐 5: Budget: Weak; stupid. This new CD I bought is budget.
2001		OnLine Dict. of Playground Sl. 🌐 Budget n. Used to describe a situation, an object, a person, or a place that is rubbish/disappointing, or basically shit! For example ‘This place is Budget!’ or ‘You’re so budget!’. Basically a derogatory term implying the person is ‘cheap rubbish’, or hasn’t a clue about the truth of an issue. For example if you are telling a joke and the other person doesn’t understand the joke, then that person is ‘Budget’ or if a group of friends are watching a film and one person doesn’t find it funny, when everyone else does, then that person is ‘budget’.