Well, there's cheap, and then there's cheap...
The ENCO brand HSS cutters are pretty decent, better than the ones you get in most of the "set of X 4/2 flute end mills" boxes. They are cheap too (~$4 for 1/4" ones). The best part about them for people just starting out is that when you break them... you don't cry too long.
I recall when I first got my CNC mill running, and I was cutting some brackets for limit/home switches out of... you guessed it 16ga hot rolled steel sheet... I broke 4 3/16" endmills in the space of 15 minutes...
Had the feed set to roughly 4x what it was supposed to be in steel, doh!
Had the feed override set to 120%, doh!
Hmm, didn't check the spindle speed with the tach, spindle speed too low, means chip load too high, doh!
Final pass, break through, cutter overheats, gets a mass of chips welded on, stops cutting, snap... doh!
Ended up finishing with a 2flute... which took forever, but it worked.