I know cheap foundations and powers that look and feel good are hard to come by, but I'm happy with Maybelline's EverFresh pressed powder. The selection of colors is limited (ivory's a pretty close match to my skin) but the coverage is light enough that finding an exact tone isn't too important. The power feels very light and smooth, absorbs oil (I have a moderately oily T-zone) and isn't at all cakey on the skin. I wouldn't recommend it if you prefer heavy, or even moderate coverage, but I think it's great for a product under $7.