I was on the phone with a potential client recently, and heard the newest synonym for a tiny budget. It's now called the Condensed Budget.
We're being forced to hire the other team, because they're cheap. We don't like their work, and if we hire them, we don't get any creative or production control. So, can you shoot it for us for less than the condensed budget they shoot it for?
Oh, and as icing on the cake? "this will be a good opportunity for you, because you'll get to work with our best CD, and he works on all the best projects".
Fwiw, we didn't get the job. Good/Cheap/Fast – you just can't have all three, but no one seems to understand that these days.