What the Calvinist says about Limited Atonement: (Taken from: http://www.desiringgod.org/ResourceLibrary/Articles/ByDate/1985/1487_What_We_Believe_About_the_Five_Points_of_Calvinism/#Grace)
The term "limited atonement" addresses the question, "For whom did Christ die?" But behind the question of the extent of the atonement lies the equally important question about the nature of the atonement. What did Christ actually achieve on the cross for those for whom he died?
If you say that he died for every human being in the same way, then you have to define the nature of the atonement very differently than you would if you believed that Christ only died for those who actually believe. In the first case you would believe that the death of Christ did not actually save anybody; it only made all men savable. It did not actually remove God's punitive wrath from anyone, but instead created a place where people could come and find mercy—IF they could accomplish their own new birth and bring themselves to faith without the irresistible grace of God.
For if Christ died for all men in the same way then he did not purchase regenerating grace for those who are saved. They must regenerate themselves and bring themselves to faith. Then and only then do they become partakers of the benefits of the cross.
In other words if you believe that Christ died for all men in the same way, then the benefits of the cross cannot include the mercy by which we are brought to faith, because then all men would be brought to faith, but they aren't. But if the mercy by which we are brought to faith (irresistible grace) is not part of what Christ purchased on the cross, then we are left to save ourselves from the bondage of sin, the hardness of heart, the blindness of corruption, and the wrath of God.
In the Calvinist view Jesus only died for those he Unconditionally Elected. According to them there are only two choices, either someone is saved by the total activity of God or they are saved by the total activity of man.
Read again their claim in the last paragraph describing what remains if Limited Atonement is not true. According to their explanation, Jesus not only purchased salvation, He also purchased the means of delivering salvation. Where do they get that out of God’s Word?
They unsuccessfully try to use Scripture to support their position like Mark 10:45, Matthew 26:28 and Hebrews 9:28, but none of these passages speak about Christ purchasing the means of delivering salvation.
In fact, Matthew 26:28 says, “For this is my blood of the new testament, which is shed for many for the remission of sins.” The blood of Christ was shed, not for the means of delivery of salvation but for the remission of sins. Even Hebrews 9:28 said, “So Christ was once offered to bear the sins of many…”. Again, no mention of the method of delivery of salvation.
In Hebrews we are given an analogy, a comparison, between what happened in the fall and what happened on the Cross. Let’s take a few minutes to examine the passage:
Romans 5:12-16 says: “Wherefore, as by one man sin entered into the world, and death by sin; and so death passed upon all men, for that all have sinned:
The analogy begins with showing how sin was applied to the entire human race, by one man.
13 (For until the law sin was in the world: but sin is not imputed when there is no law.
Sin is the transgression of the law. Where God has not established law, sin is not imputed.
14 Nevertheless death reigned from Adam to Moses, even over them that had not sinned after the similitude of Adam's transgression, who is the figure of him that was to come.
Although no one else ate of the Tree of Knowledge, they were still going to die because of the sin nature handed down through the generations. Notice the final phrase: “…who is the figure of him that was to come.” Here comes the comparison.
15 But not as the offence, so also is the free gift. For if through the offence of one many be dead, much more the grace of God, and the gift by grace, which is by one man, Jesus Christ, hath abounded unto many.
Observe here the term used, “free gift.” If someone has a deadly disease and I purchase them a free (free to them, expensive to me) gift what good will it do them if they refuse the offer? No good at all. Must someone accept a free gift? No. If someone refuses a free gift does their refusal mean they will ultimately get the gift by working for it? No.
Also pay careful attention to the use of the term, “many.” “For if through the offence of one many be dead…” means how many are dead? A few or all? All. Therefore the gift, purchased by Jesus Christ has abounded to the same number impacted by the sin, “many.” The term, “many” does not exclude the meaning of “all.”
Does, “Many of my children are in the house,” cancel the possibility they are all in the house? No. Or if I say, “The sun arose on many days,” am I saying the sun did not rise on some days? No. “Many” does not have to exclude the possibility of “all”.
16 And not as it was by one that sinned, so is the gift: for the judgment was by one to condemnation, but the free gift is of many offences unto justification.
The gift, the free gift, is not like the sin. Adam sinned once and his judgment led to the condemnation of all (many sins). In contrast, the many sins did not need many payments. The one free gift provides justification for the many (all) offences (sins). When a sinner is saved, how many of their sins are forgiven? Many? Yes, since we have already seen many is inclusive of the term all and not necessarily exclusive.
Romans 5:17 For if by one man's offence death reigned by one; much more they which receive abundance of grace and of the gift of righteousness shall reign in life by one, Jesus Christ.)
“They which receive abundance of grace…” are not receiving the means of delivering salvation, it is salvation. Righteousness for mankind is only possible after salvation has occurred.
18 Therefore as by the offence of one judgment came upon all men to condemnation; even so by the righteousness of one the free gift came upon all men unto justification of life.
Here again is the comparison: condemnation came upon all men; by Christ the free gift (free to us, costly to Him) came upon ALL men. Is this saying all men receive the free gift? No. The free gift came upon them by being accessibile.
19 For as by one man's disobedience many were made sinners, so by the obedience of one shall many be made righteous.
Here we are again, when one man disobeyed, how many were made sinners? Many? Yes! Was there anyone who was not made a sinner? No. How many will be made righteous? Many? Yes! Is there any sinner Christ did not die to save? No. Just as many as were made sinners, those are the ones made righteous (all who believe).
Does the passage above mean all people will be saved? Of course not! Just because all people can be saved does not mean all people will be saved. It means all people have the opportunity to be saved because of the payment Jesus made for all sin.
Look at John 3:16 from the Analytical-Literal Translation: "For God so loved the world that He gave His only-begotten [or, unique] Son, so that every [one] believing [or, trusting] in Him shall not perish, _but_ shall be having eternal life!”
Calvinists misunderstand the application of the death of Christ. The death of Jesus Christ must apply to the entire human race just as the sin of Adam. Through one man, Adam, sin and death came to the entire human race. The one God-man, Jesus Christ, died once to purchase redemption for those same people.
Just as Adam’s sin was a one time event having eternal consequences for all, so too Jesus’ payment was a one time event offering eternal forgiveness as wide as the curse was found.
“Nor yet that he should offer himself often, as the high priest entereth into the holy place every year with blood of others; For then must he often have suffered since the foundation of the world: but now once in the end of the world hath he appeared to put away sin by the sacrifice of himself.” Hebrews 9:25-26
“For since by man came death, by man came also the resurrection of the dead. For as in Adam all die, even so in Christ shall all be made alive.” 1Corinthians 15:21-22
“And we have seen and do testify that the Father sent the Son to be the Saviour of the world.
Whosoever shall confess that Jesus is the Son of God, God dwelleth in him, and he in God.”
1John 4:14-15
“The next day John seeth Jesus coming unto him, and saith, Behold the Lamb of God, which taketh away the sin of the world.” John 1:29
“For there is one God, and one mediator between God and men, the man Christ Jesus; Who gave himself a ransom for all, to be testified in due time.” 1Timothy 2:5-6
“For the love of Christ constraineth us; because we thus judge, that if one died for all, then were all dead: And that he died for all, that they which live should not henceforth live unto themselves, but unto him which died for them, and rose again.” 2Corinthians 5:14-15
Just as Adam in his sinless state had the ability to choose sin, sinful man has the ability to choose salvation. How? Because of Christ. Christ calls, Christ draws, Christ initiates, Christ paid, Christ convicts and when man responds in repentance and faith, Christ chooses him.
I close here with one final passage from Isaiah 53:
4 Surely he hath borne our griefs, and carried our sorrows: yet we did esteem him stricken, smitten of God, and afflicted.
5 But he was wounded for our transgressions, he was bruised for our iniquities: the chastisement of our peace was upon him; and with his stripes we are healed.
6 All we like sheep have gone astray; we have turned every one to his own way; and the LORD hath laid on him the iniquity of us all.