I mean, is there a good place to PUT IT so that something good can be made to happen? (Instead of pure waste?)
I've regularly seen situations where throwing more money than a certain amount at something simply doesn't help. You can only ramp up programs so fast, bring equipment into operation so fast, get people in, trained, and working productively so fast.
It's quite possible that President Obama asked the people doing the work, "how much money can you absorb right now to accelerate things?" and got told "maybe $30M...?" So he got them $58M.
Adding any more money to their efforts would just be waste. I know that my organization could absorb maybe $20M in "surprise" funding productively in a single year, any more than that and we'd just sit on the money or send it back. (I would hope we wouldn't waste it.)
If we KNEW we were going to get a year-on-year increase, and were given carte blanche to hire people and support so we could write contracts as much as we wanted, we could ramp up over a year or two to use $200M or more productively, but in a single year? No way.