The federal government already owns 36% of Colorado and almost half of Wyoming. I would rather they:
1. Purchase land east of the Mississippi. 92% of federal lands are in 12 western states.
2. Use the money to better manage the land they have.
You can nominate more plots of BLM now through end of June. The window is open for several weeks every two years. See here for more info: Nominate BLM parcels for access