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Both. Infrastructure is very old here. The American society of civil engineers ASCE does a good job detailing the funding needs to update and replace the old infrastructure in America.
Privatization has its trade offs. When things are profit driven it can price out segments of the society. But even so the private sector doesn’t have unlimited money.
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What do you mean by this? Too little money? Or it's not the government's role to fund the US infrastructure? Or both?
EDIT: Genuinely asking... I know the infra is bad, but I don't know how bad it is. And I don't know of any alternative way to fund infra. Privatisation doesn't work too well for this, in my limited experience.