(Apologies for the audio! Crank it up...)
Rev. Phelps presents a brief, five-point argument for covenant infant baptism:
1. The Abrahamic Covenant is the Gospel in the form of promise in the OT.
2. Circumcision is the OT covenant sign & seal of a twofold initiation given to believers & their (male) children: one, they are initiated into this promise of the Gospel; and two, into the covenant community, since they are born into a covenant household.
3. Christ crucified & risen fulfills this OT Gospel promise – and circumcision is now replaced with baptism as the sign & seal of this twofold initiation: one, into the fulfilled promise of the Gospel; and two, into the NT covenant community (the all-nations church).
4. Children are still included in the scope of this Gospel promise now fulfilled in the NT, are still members of the covenant community since they are born into a covenant household, and are also part of the all-nations disciple-making commission Christ gave His church (the means by which God brings the Gospel promise He gave to Abraham to all nations).
5. Therefore, children born into a covenant household should receive baptism as a sign & seal of the Gospel promised to them, to recognize their membership in the covenant community, and to be initiated as disciples of Jesus – in fulfillment of the Abrahamic covenant and Great Commission.