I don't think that the dispensational view negates the Jewish story. It is merely that the New Covenant was in a sense rejected by Israel as a people and given to the Church in terms of the elect who have been called to repentance and faith. Salvation is in Christ alone.

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Pastor Chris Surber, M.A.R.
First Congregational Church
Peru, Illinois USA
[url]www.1stperu.org[/url]
"Prayer is as natural an expression of faith as breathing is of life." - Jonathan Edwards