I use a 7'0 Rapala Magnum and a Shimano IX2000 reel and Berkley 6 or 8lb Trilene smooth casting line, for pretty much all species, all of which can be purchased at Walmart. Altogether would come to around $75, so if you want the cheapest possible option than one of the combos should do the trick.
The drag button placement on some of the cheap combos annoys me, it's sometimes in a spot where it's vulnerable to unintentional adjustment. But if it's mainly perch you're after, it shouldn't matter much.