The U.S. Treasury Department has already committed $350 billion of the $700 billion rescue fund, including $13.4 billion for troubled automakers, according to Treasury Secretary Henry Paulson, and Congress will need to release the rest soon to keep emergency funds available to aid the markets.

“Today, we have acted to support General Motors and Chrysler, with the requirement that they move quickly to develop and adopt acceptable plans for long term viability. This step will prevent significant disruption to our economy, while putting the companies on a path to the significant restructuring necessary to achieve long-term viability,” Paulson said in a statement Friday. “…As a result of this decision, Treasury effectively has allocated the first $350 billion from the TARP (Troubled Asset Relief Program.) It is clear… that Congress will need to release the remainder of the TARP to support financial market stability.”

He did, however, say that he has “confidence that we have the necessary resources to address a significant financial market event,” based on the powers of the Federal Reserve, the FDIC, and the money that has been committed but not yet disbursed.

Paulson mentioned his intention to discuss plans for moving forward with the economic team of President-elect Barack Obama and with congressional leadership.

The Secretary may get a fight for the requested money from several members of Congress though. Congressman Barney Frank, D-Mass., Chairman of the House Financial Services Committee has vowed to block the use of more funds unless Treasury is committed to allotting a great deal of it toward helping foreclosure-bound homeowners.

“They’re not going to get the (money) unless they get very serious about the foreclosure modifications and showing us how we’re going to get some lending out of the banks,” Frank said earlier this month.

To date, in addition to the commitment of $13.4 billion this week for the auto industry, the Treasury has allocated $315 billion of the original $350 billion bailout funds for providing more resources for banks and American International Group as well as  $20 billion for use in consumer credit markets.