Recently, cloud computing has drawn significant attention from both industry and academia, bringing unprecedented changes to computing and information technology. The infrastructure-as-a-Service (IaaS) model offers new abilities such as the elastic provisioning and relinquishing of computing resources in response to workload fluctuations. However, because the demand for resources dynamically changes over time, the provisioning of resources in a way that a given budget is efficiently utilized while maintaining a sufficing performance remains a key challenge. This paper addresses the problem of task scheduling and resource provisioning for a set of tasks running on IaaS clouds; it presents novel provisioning and scheduling algorithms capable of executing tasks within a given budget, while minimizing the slowdown due to the budget constraint. Our simulation study demonstrates a substantial reduction up to 70% in the overall task slowdown rate by the proposed algorithms.