Here in GTA we have plenty of "The Keg". If you mean "Cheap" as in low quality as oppose to "Low Priced", then I would rate "The Keg" as average at best for quality and would seldomly patronize this establishment.

In the US, I would add Black Angus as total ripoff!

Claim Jumper... though this is mainly out West.

Perhaps Houstons?

Salt GrassSteak House
 

My favorite is Salt Grass Steak House. Reasonable priced and steaks as good as the top tier!

I knew Houston's from its rotisserie restaurant (called
Rutherford Grill) in Napa, so I took my various family
to the one in Rockville, MD today. It's not really a
steakhouse, though I got the Thai noodle salad with
beef that included about 8 oz of pretty respectable
filet in pieces buried among the noodles. My uncle
SY's French dip was an interesting variation - the
usual 5 or 6 oz of beef with some very tasty debris
hidden beneath: quite nice.

I think that Outback is the most consistent and the best. The rack of lamb is very good and reasonably priced. It costs about what I could buy it at the grocery store raw. At Outback it is cooked with one vegie and salad. Also, some Outbacks have prime. I like Outback the best because it is thick (NY strip). I hate getting thin steaks.

For a good affordable steak dining in a chain restaurant, I would recommend Apple Bees though of course their menu extends from offering many other alternatives and not just steak.

Longhorn

I don't think Outback is cheap.

I LOVE prime rib from Black Angus. I need to steal their secret spice rub :D Seriously though, having been to more upscale steak houses like Shula, Palms, Chris Ruth's, Houston's, Bandera, and some independent ones in LA/BH, I still like Black Angus' prime rib the most.

You haven't been to Lawry's yet, have you?

I also love the prime rib at the Paris Las Vegas buffet... and all you can eat to boot :D

I guess Longhorn would take top honors.

I have, there's one at South Coast Plaza....I still like Black Angus more :D

Lawry's is neither cheap nor a steak house....but it is Superb for prime rib!

Nope! Definitely not cheap... but since Blissworld threw in Ruth's Chris I'd thought I mention it. The benefit to Blissworld ... there's always 2-for-1 coupons for Black Angus/Cattle Company prime rib :)