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Difference between Be dead in the water and Sleep with the fishes

be dead in the water —(of a task, project, etc.) be unable to make progress; be a failure:

  • Without an effective leader, our plans for expansion are dead in the water.

sleep with the fishes—(Underworld) be murdered and have the body disposed of (also: swim with the fishes):

  • I think I could persuade you to cooperate. That is, unless you’d like to sleep with the fishes.