Trying to take back something said or done, usally done by altering it or changing it, in an attempt to change a viewpoint or to save face. The term backpeddling refer to the motion someone does on a bike to use a brake, moving the legs in another direction, sometimes going nowhere.
1: You know I've always really liked you.
2: I have a boyfriend!
1: I didnt know you had a boyfriend. When I said I really like you I just meant you were cool and...
2: Why are you backpeddling?!
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To try to stop somthing from happening with actions or words.
1: Hey what are you doing tonight?
2: Not a chance.
1: Why do you have to put the brakes on me?