Gov. Dannel Malloy is backing away from the recently passed state budget after a week of criticism from some of the state's largest employers.

He unveiled a new budget proposal which would scale back taxes on businesses and reduce spending. These changes come after some of the state's largest companies said they may leave Connecticut.

Fairfield-based General Electric, along with Aetna and Travelers, have been vocal in their criticism of the budget. Other states have publicly courted the companies to relocate.

One week after a new two-year budget barely passed the state legislature, Gov. Malloy proposed eliminating business tax hikes totaling more than $220 million.

"I took the time to hear from the business community and others, and I'm putting forward what I think is a proposal that goes a long way in addressing many of the challenges," he says.

To counter that lost revenue from taxes, he wants to cut spending across the board.

Christopher Bruhl, CEO of the Fairfield County Business Council, says that it is common culture in other states for individual businesses to criticize the government.

"It's the power of the brand. These are highly respected companies with deep roots in the state who have enormous value to the state as employers, so their expression of concern needs to be listened to," he says.

Lawmakers will have to approve the changes. They will go back for a special session later this month.