I am trying to find the keyboard shortcut, if there is one, for inserting a cut in a clip on the timeline similar to what the blade tool would do but without having to use the mouse and change tools. In Premiere you used to be able to do this, I am sure there is a way in FCP but I am unable to find it - Any suggestions?

Why do you want to cut the clip? Is it to insert a new clip (insert edit "F9")? Delete part of the original clip? (Ripple, Roll, Slip, Slide?) The keyboard command for the "Blade" tool is "B". It doesn't take very long to hit "B", then click, then hit "A" to return to the selection tool (pointer).
There might be a better way to accomplish what you're trying to do but I don't know what you're trying to do exactly.

Control-V should do the trick.

Nicholi,

Thanks that is a huge time saver! Exactly what I was looking for.

Nicholi,

Thanks that is a huge time saver! Exactly what I was looking for.
I've modified my keyboard shortcuts to use the slash key (the one with the question mark on top, next to the shift key) to do what ctrl-V does. It saves you a little bit of keyboard effort. I got the tip from Richard Harrington, who did a presentation for my local FCP Users Group.