A crisis is developing in the maintenance of lock and dam infrastructure. The U.S. Army Corps of Engineers faces a higher demand for building and maintaining its projects than available federal funding allows. This situation is raising basic questions about how the corps functions, including the effectiveness, efficiency, and equity of project planning and implementation. The objective of this study was to explore the feasibility and potential advantages of transitioning the U.S. lock and dam system from the current approach of build and expand prescribed by the Water Resources Development Act of 2007 to an approach of repair and sustain. A two-part effort took place to fulfill this objective. The first part analyzed the state of the practice in policy, legislation, funding, planning, and project implementation and estimated the impacts of alternative approaches, both at the national level and to the individual shipper. The second part analyzed economic, funding, and financing issues; developed alternative revenue-generating scenarios; and compared case studies of waterway infrastructure projects in the United States and abroad to determine the potential for transitioning from the current funding approach to a bonding style (lump sum up front) approach. The study concluded that it would be possible to maintain, improve, and ensure the long-term viability of the U.S. inland waterway infrastructure through alternative approaches, but significant changes would be required in policies, funding mechanisms, programs, and procedures for project planning and implementation.