The most common and most likely answer to this crossword clue is the 9 plus 4 letter word TWO-HORSE RACE
I've seen this crossword clue in The Guardian
T
W
O
-
H
O
R
S
E
R
A
C
E
Buddy explains!
The straight part
We know that "US presidential election may be" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case us presidential election may be = two-horse race.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.