Allocating funds is not the solution when you lack industrial capacity to convert those funds into actual weapons and ammunition. Here's what actually happens in a scenario where you allocate funds and supply of a commodity is limited:

In October, NATO’s senior military officer, Adm. Rob Bauer, said that the price for one 155mm shell had risen from 2,000 euros ($2,171) at the start of Russia’s full-scale invasion to 8,000 euros ($8,489.60).

https://www.defenseone.com/business/2023/11/race-make-artillery-shells-us-eu-see-different-results/392288/

Historically the free-market has never attempted to do anything except maximize profit. The way the contracting system works in the Us, you never have to actual produce anything to get paid, all you have to do create a shell company that will produce the thing you are contracted to produce. When the shell company can't produce the thing, you blame it on the suppliers of the shell company, and then you pocket the contract money. At no point would shells ever be produced.