The traditional Catholic view was called "Supersession" - which was Gods covenant with man, which was renewed multiple times throughout history, reached its final form with the death/resurrection of Jesus.

This "New and Everlasting Covenant" established a "New Jerusalem" that came to encompass all of mankind. This view is supported not only directly in the Bible (ie. Jesus saying that he is establishing a new covenant that fulfills the old). But this view is also supported indirectly.

Each of the covenant renewals between God and Man expanded its reach: So from Abraham (a covenant between his family and God), to Moses (a covenant between an entire exiled people and God), to David (a kingdom and God), etc. etc. So it makes sense that the final covenant expanded to cover all mankind.

For whatever reason, a particular sect of Protestants (eg. John Darby) started this theory in 1800s called "Dispensationalism". This was a theory that held that Jews held a special "dispensation" from God that was above and beyond the New Covenant established by Christ.

Its a fairly convoluted (and biblically unsupported) idea that God still holds his covenants with Jews as valid and active and the future salvation relies on them.

This idea made its way into lots of US protestant churches (like Baptist which Ted Cruz is), and it explains the rather radically different views Catholics and some Protestants have on the subject.

Catholics think = Jews, you lost your inheritance to salvation because you rejected Gods covenant. The only path forward for you is to repent and accept.

Some Protestants think = Jews are critical to future survival of man because when Jesus returns it will be from modern State of Israel. They think that although Jews now reject Christ, somehow they will come to accept Christ once he returns to State of Israel.

Its pretty sad that so much of our modern turmoil is wrapped up in this theologically unsupported concept made-up by some random protestant minister.