U.S. midterm elections for the House and one-third of the Senate occur every two years under constitutional mandate on the Tuesday after the first Monday in November, locking November 3, 2026, as the date absent extraordinary congressional action. State and local officials continue primary scheduling and voter roll maintenance across the country, with runoffs and contests already underway in several states. Recent presidential comments suggesting possible cancellation drew immediate clarification from administration officials and legal experts that no such authority exists, leaving election administration decentralized and insulated from unilateral executive intervention. Traders therefore price the "Yes" outcome at 91.5 percent, reflecting entrenched institutional barriers, unbroken historical precedent, and ongoing procedural preparations rather than any credible risk of delay.