What is the biblical basis that we no longer need to confess and repent?

Joseph Prince (Worldwide speaker and author of *Destined to Reign*) and Andrew Wommack (Andrew Wommack Ministries and author of many books) teaches this with the Grace (hyperGrace) message, as does my local Pastor. They say we are already forgiven for our past, present, and future sins, and because of that our sins are overlooked. So there's no need to confess our sins, ask forgiveness, and repent. What is the Biblical basis for this belief?