The EPA believes that there are four key changes that could help to reduce the gap between funding and spending.  They are better management of both water and wastewater.  Rates of Full Cost Pricing so that the actual costs are reflected and recieved.  Efficient water use to help with water shortages, and would protect our water sources.  The fourth is Watershed Approaches that looks more broadly and coordinated way at water quaility and resources.

http://water.epa.gov/infrastructure/sustain/basicinformation.cfm