Beleive it or not it's SUPPOSED to do that! It's part of Briggs & Stratton's compression release mechanism - it pops the INLET (as opposed to the exhaust, as on smaller engines) valve open halfway up the compression stroke. This has a negligable effect at running speed, but at cranking speed it causes 'spit-back'.
Whatever problems you're having with trying to start it, this isn't one of them. If you're getting spark and gas, the only thing left is the ignition timing. Check the flywheel key - if the engine stopped dead due to the dropped valve, it may have sheared the key.
phil_saunders@bigfoot.com
Phil Saunders, May 2008