I would do this basically the same way as Hans described, only with a hugely important difference.
First, you'll want to expand the appearance of your two stroked paths (Object > Expand). This gives you the actual paths that you will use in the next steps.
After you have expanded them, combine them with Object > Compound Path > Make (CMD + 8).
The next step is where my method improves upon that described by Hans:
DO NOT create outlines from your text, you might want to change it in the future and if you create outlines, you can't.
Now that you have the two pieces that you wish to subtract from your text, select everything and open your Pathfinder. Ensure that the pieces you want to subtract from your text are on top. You are going to click on Minus Front, but this time you want to hold down ALT while doing so.
The result will be a compound shape, made up of your text and the shapes above it "punched out" of the text. The benefit of this method is that you can still edit your text in the future, as you can see by my highlighting it (I placed it on a black rectangle so you could see the text is actually missing the appropriate shapes and still editable).