If you are in no rush, this printer
http://t.epson.com/cgi-bin/Store/jsp/Product.do?sku=C11CB53201&utm_referrer=https%3A%2F%2Fwww.google.ca%2F comes up for sale on Epsons site at a pretty good discount every once in a while. It is a newer version of Epsons epic Stylus Photo 1400 which is now discontinued (even though the Artisan 1430 is its replacement, the 1430 is more like its little brother). I know at its current price it is exactly double your budget, but if you can get it on sale for $249.00, it is well worth the extra hundie. Not only does it do a fantastic job of printing photos, but it has an actual print area of 13" x 44", which means it can double for printing full width marquees and shallow CP art, which is a nice bonus. Also, but I am not postive, I think you can add a CISS or bulk ink system to this printer.
Sorry I couldn't link you a printer at $150, but I spent a good month researching printers last fall and this printer kept popping up. I found that to get a really good printer, $300 was kind of the minimum entry fee. I am sure there are good ones at $150, but someone else will need to chime in.
Not that it matters, but I ended up getting an HP Designjet T120. It's a 24" large format printer that normally retails for around $2000, but found a crazy sale in Toronto at some electronic store I have never heard of for $975. It was too good to pass up.
Keep us posted on what you end up buying

EDIT: The store I bought the printer at was softwarecity.ca and I actually paid $784.69 (just checked my e-mail for original invoice, so it was a crazy good price for sure). Other than the box looking like it was dragged behind a humvee all the way from Fullujah Iraq, the printer was perfect. I see they have the Artisan 1430 on for $266 with $8 shipping if you are in Canada
http://www.softwarecity.ca/item/C11CB53201.html