Final answer:
The process where federal and state government agencies submit their budget requests to the President or Governor respectively is called central clearance, managed by the OMB at the federal level.
Step-by-step explanation:
The process by which all government agencies in both the federal and state governments, such as the Nevada state government, are required to submit their budget requests to higher authorities is known as central clearance. For the federal government, these requests are submitted to the President via the Office of Management and Budget (OMB), while at the state level, such as in Nevada, they are submitted to the Governor via the Budget Division. The OMB has the significant responsibility of producing the President's annual budget, which includes both proposed revenues and expenditures for the next fiscal year. It also oversees the actions of the executive bureaucracy and delivers executive orders and presidential directives to various agency heads.