Dr. Couch, are there two New Covenants in Scripture, one for Israel and one for the church?
ANSWER: No, there is not. Older dispensationalists (some of them) held to that view. Remember, they were pioneering "forward" as to what the Bible was teaching; they were learning as they went along. In order to avoid a mixing of the church and Israel, some said there were two New Covenants. But gradually they realized that this was in error. Many of the older dispensationalists changed their view on the subject, rightly so. Those of us who really were blessed with exegetical skills in graduate school were quick to see what the Bible was really teaching on the subject.
Here's how it works: (1) There is only one New Covenant. (2) It is first promised to Israel. (3) It has to do with the indwelling of the Holy Spirit, the forgiveness of sin. (4) It is a replacement of the dispensation of the Law with the dispensation of Grace. (5) The church presently benefits by the blessing of the New Covenant. (6) We are not given any of the Land promises that Israel will be given in the Kingdom dispensation.
The New Covenant was (1) ratified by the death of Christ (Luke 22:19-20). It was (2) launched at Pentecost (Acts 2). And the church now benefits by the New Covenant. (3) The believers are the servants of the New Covenant according to 2 Corinthians 3:6-7. Paul shows us the contrast (4) we now can appreciate between the Law ("by the letter") and the New Covenant ("by the Spirit") (Rom. 2:29; 7:6). (5) The Spirit is the one who activates the New Covenant.
The church does not fulfill the New Covenant but it will be fulfilled by Israel in the Kingdom (Ezek. 36:24-28).
I suggest you read Chafer's MAJOR BIBLE THEMES, pages 146-48, for a good treatment on better contemporary thinking about the New Covenant. I hold to most of this but not all. (This is a revised volume of Chafer's by Dr. John F. Walvoord.)
—Dr. Mal Couch (4/11)
