My UL rig is a Pflueger President 25 reel on a 6'6" Diawa Spinmatic UL rod. At retail, the total for the pair is well under $100. The rig is responsive and a joy to fish with. The Spinmatic comes in lengths from 4' to 8', so no problem finding a 7' in that series.
The next up from the Spinmatic is the Presso for about $70, so getting the better rod would still keep you under the $150 max.