They CAN'T cancel the 2018 elections because they are NOT run by the federal government. They are run by the states. The feds can't stop a constitutionally mandated election in all states.
No Dem governor would put up with it. Most republican governors would also not halt elections. Each state stands unto itself. A failure for one to vote doesn't impact those who do. Even a presidential election doesn't require votes be counted by each state. They have until a certain date to certify, after that, their votes don't count.
If a republican governor suspended a state election, it would mean they had no house of representive members that could be sworn in - they HAVE to be elected, and their terms end each session. With fewer republicans being sworn in, the house would decidedly swirv to dem control.
It would mostly impact the senate. If a dem were up for reelection with a R gov, the governor could simply appoint an interim senator until elections could be held. That might have an impact. But it would require a republican governor, a democratic senator that is up for reelection in 2018, and a shutdown of the election at the state level (which would be illegal in itself).