If taken literally, that's universalism.
I think the passages used are as follows:
I am the good shepherd. I know my own and my own know me, just as the Father knows me and I know the Father; and I lay down my life for the sheep. - John 10:14-15
This doesn't seem like much, but when coupled with verse 28:
I give them eternal life, and they will never perish, and no one will snatch them out of my hand.
Thus, if Christ lays His life down for His sheep, and His sheep will never slip away, but not everyone is His sheep, then it follows that He didn't die for everyone.
In all honesty, I find debate on limited atonement between exclusivist (regardless of their stance on Calvinism) to be silly. They're arguing about the same thing, but from different sides.
For the non-Calvinist, they say that the atonement is for everyone
who will accept it. For the Calvinist, they say the atonement is only for those who are called in Christ. So, what's the difference?
There is none. If we take the Calvinist interpretation of John 10 and compare it to the non-Calvinist interpretation of John 3:16, we have a contradiction. If, however, we take each passage as they're meant to be taken, then both sides are wrong.
The Calvinists are wrong in saying that Christ's death wasn't for everyone. This doesn't mean that everyone has the atonement actualized; and that's what Calvinism is talking about, the actualization of the atonement, not the offer. Obviously the offer is out there, but due to man's total depravity (according to Calvinism) he won't accept it unless chosen.
Likewise, from the other spectrum, they say the atonement is offered to everyone, but then turn around say that if someone rejects it, it doesn't affect that person. Well...that's limited atonement.
So both sides just take it to the extreme before realizing that both John 10 and John 3:16 work together. One talks about the offer while the other talks about the effect.
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