We have this toy, and some friends and I have tried the obvious ones before, but the toy is programmed to giggle and say, "That tickles," if a swear word is generated.
After watching the news report a few times, I could tell he was pushing "F", and then "J". The "F" produces a "Fuh" sound, and the "J", a "Juh". However, with the poor sound quality and the break in the middle, it sounds like, "F--- you."
However, it seems that you have to already know the phrase and be listening for it. It is highly doubtful that a toddler would pick this up and start repeating it.