How budget is budget?
A friend of mine recommended the Grant Plaza hotel in Chinatown/Union Square (but I've never stayed there so this is a 2nd hand recommendation). However I've found room rates for $65/night on their internet special search. The yelp reviews seems to be mixed.
Personally I'd be leary of staying at say, a Motel 6 or similar (if that's what you mean by budget).