Losing 60# by the end of the year's not realistic for long-term or permanent weight-loss. You can do it on crash diets & other stuff, but you'll end up with a yo-yo effect and end up gaining that weight back next year.
You can lose about 25# by biking 2-hours/day, it's really the 2nd hour that burns up 2-3x more fat than the 1st after you're warmed up. Even better is 3-4 hrs on the weekend, the 3rd & 4th hours burn up more than the 1st two. Keep the rides as brisk LSD pace about 10-15% below LT, steady speed the whole time. The goal then is to maintain a 500-700 cal deficit per day for a 1.0-1.5 lb/week weight loss, so you'll have to track your diet too.
Fitday.com is a good place for this.
If you stick to this, losing 25# is certainly possible by the end of the year and keep it up next year until you hit your final goal. This is strictly an endurance/weight-loss regimen, you're not gonna be fast biker by any chance and you'll get dropped on group-rides. But cut back on the miles & hours later and add some speedwork/intervals and you'll get speed quickly as well (the weight-loss will slow down).