B737-700 FLT CREW HAS A TCAS RA ON DEP FROM ELP.

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CLRNC WAS AS FILED; ELP PEQ J183 LLO KALLA1 AUS; 17000 FT. CLRED FOR TKOF AND INSTRUCTED TO TURN L TO A HDG OF 120 DEGS. WHILE IN THE L TURN TO 120 DEGS; WE WERE DIRECTED BY EL PASO DEP TO LEVEL OFF AT 6500 FT. EL PASO DEP INFORMED US OF CESSNA TFC AT 12 O'CLOCK POS; 5 MI AWAY AT 6900 FT. I REDUCED MY CLB RATE THINKING THE TFC ALT AND OUR INSTRUCTED LEVELOFF ALT WERE ABNORMAL. WHILE PASSING APPROX 6000 FT WE RECEIVED A TA; THE CESSNA ACFT INDICATED 700 FT ABOVE US. IMMEDIATELY AFTER; AT APPROX 6100 FT; WE RECEIVED AN RA; INSTRUCTING US TO LEVEL OFF/DSND. I LEVELED THE ACFT AT 6350-6400 FT; NEVER REACHING 6500 FT. AS WE RECEIVED THE RA; EL PASO DEP CLRED US TO FLY DIRECT FST. WE BOTH DISREGARDED THE CLRNC TO FLY TO FST AND CONTINUED TO VISUALLY SCAN FOR THE CESSNA. FST WAS NOT ON OUR FPR. THE CESSNA ACFT PASSED OVERHEAT AT APPROX 300 FT AND SLIGHTLY R OF CTRLINE. AFTER PASSING THE CESSNA WE INFORMED EL PASO DEP THAT FST WAS NOT ON OUR FPR. EVENTUALLY WE WERE CLRED TO PEQ AND CLB TO 17000 FT. WHILE CLBING I INFORMED EL PASO DEP THAT THE SEPARATION WAS ONLY 300 FT. I FURTHER ASKED FOR A TELEPHONE NUMBER TO CONTACT DEP CTL ONCE REACHING AUS. INFLT; I SENT AN ACARS MESSAGE TO DISPATCH REQUESTING OUR ATC SPECIALIST TO CONTACT EL PASO DEP CTL TO INVESTIGATE THE REDUCED SEPARATION INCIDENT. IN AUS; I CALLED EL PASO DEP CTL AND SPOKE WITH THE CTLR. I MENTIONED THAT WE DID NOT HAVE 500 FT SEPARATION BTWN THE 2 ACFT. ALSO I QUESTIONED WHY WE RECEIVED A CLRNC TO FLY TO FST. HE ADMITTED FST WAS THE WRONG FIX AND THAT HIS INTENTION WAS FOR US TO TURN L BY USING THE FST FIX TURN. I INFORMED HIM THAT I WOULD HAVE BEEN SAFER TO INSTRUCT US TO TURN TO A HDG INSTEAD OF GETTING ONE OR BOTH PLTS' HEADS IN THE COCKPIT TO PROGRAM THE ACFT TO FLY TO FST. I ALSO CONTACTED OUR ATC SPECIALIST TO DISCUSS THE INCIDENT.