Since STOC 2005, there has been a lot of discussion about theory funding and a task force has been set up by SIGACT to work on advocacy issues.
To start, you are referred to the post by Suresh Venkatasubramanian and a slightly later post by Lance Fortnow. Make sure you read the comment by Michael Mitzenmacher for a clarification on the purpose of the task force, directly from a task force member.
Let the message spread.
P.S. Jeff Erickson has an interesting post about basic research funding too.
