Another possible method that would prevent the use of cursors, which is generally not a best practice for SQL, is listed below... It uses the OUTPUT clause to capture the insert results from the one table to be used in the insert to the second table.
Note this example makes one assumption in the fact that I moved your IDENTITY column to the Items table. I believe that would be acceptable, atleast based on your original table layout, since the primary key of that table is the StatementFK column.
Note this example code was tested via SQL 2005...
IF OBJECT_ID('tempdb..#OriginalData') IS NOT NULL
DROP TABLE #OriginalData
IF OBJECT_ID('tempdb..#Statements') IS NOT NULL
DROP TABLE #Statements
IF OBJECT_ID('tempdb..#Items') IS NOT NULL
DROP TABLE #Items
create table #OriginalData
( ItemName NVARCHAR(255) not null )
create table #Statements
( Id int NOT NULL,
ProposalDateTime DATETIME null )
create table #Items
( StatementFk INT IDENTITY not null,
ItemName NVARCHAR(255) null,
primary key (StatementFk) )
INSERT INTO #OriginalData
( ItemName )
SELECT 'Shirt'
UNION ALL SELECT 'Pants'
UNION ALL SELECT 'Socks'
UNION ALL SELECT 'Shoes'
UNION ALL SELECT 'Hat'
DECLARE @myTableVar table
( StatementFk int,
ItemName nvarchar(255) )
INSERT INTO #Items
( ItemName )
OUTPUT INSERTED.StatementFk, INSERTED.ItemName
INTO @myTableVar
SELECT ItemName
FROM #OriginalData
INSERT INTO #Statements
( ID, ProposalDateTime )
SELECT
StatementFK, getdate()
FROM @myTableVar